With the Biden administration preparing for a significant increase in public spending, Republicans and Democrats are split over how to raise the necessary funds. As a result, President Biden himself has come up with a proposal. Rather than increasing taxes for corporations (which Republicans oppose) or increasing taxes for relatively low-earning taxpayers (which Democrats oppose), President Biden is suggesting that the IRS enhance its efforts to collect the funds that taxpayers already owe. This, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, should be cause for concern in 2021 and beyond.Read More

The IRS is cracking down on cryptocurrency investors. In order to do so, it is relying on an investigative tool known as a “John Doe” summons. These summonses allow the IRS to seek information about unspecified individuals from third parties. Recently, the IRS issued a John Doe summons to Boston-based cryptocurrency exchange Circle Internet Financial Inc. (“Circle”). Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what this means for cryptocurrency investors who use the Circle platform.Read More

While the federal government extended Tax Day to July 15 last year in response to the COVID-19 pandemic, there is currently no indication that a similar extension is under consideration for 2021. This means that U.S. taxpayers need to be prepared to file their returns and pay what they owe no later than April 15. When filing your returns, there are several mistakes you need to avoid—as failure to avoid them can potentially lead to an Internal Revenue Service (IRS) audit or investigation.Read More

As we do every year, we published numerous articles on our blog during 2020. While we touched on various tax issues related specifically to the COVID-19 crisis, we offered information and insights on many “normal” tax-related issues as well. Here is a look back at some of the top articles published by Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:  Read More