On September 27, 2021, the IRS released an online publication intended to help cannabis business owners navigate their federal income tax obligations. The publication touches on a variety of important issues, and it provides links to additional resources for cannabis-based businesses. Here, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:
Read MoreThe Internal Revenue Service (IRS) is using National Small Business Week to remind business owners that they must accurately classify their employees and independent contractors. With the IRS Small Business/Self Employed Division’s new Fraud Enforcement Office now fully operational, this is likely to be a key enforcement area for the remainder of 2021 and heading into 2022. Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
Read MoreOffshore Account UpdatePosted on August 31, 2021
The Foreign Account Tax Compliance Act (FATCA) is a federal law that establishes reporting requirements for U.S. taxpayers who own offshore accounts. For taxpayers who are subject to FATCA, compliance is extremely important, as non-compliance can lead to civil—or even criminal—penalties. On the same token, if your offshore assets are not subject to FATCA, you don’t want to report them if you don’t have to. So, when don’t you need to file under FATCA? Boston international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.
Read MoreThe Senate infrastructure bill passed on August 10, 2021, includes three critical provisions for cryptocurrency investors. While these provisions do not create new cryptocurrency taxes, they do create new cryptocurrency tax reporting requirements—and these requirements could lead to enhanced enforcement by the Internal Revenue Service (IRS).
Read MoreThe Internal Revenue Service (IRS) recently issued updated guidance on the federal reporting requirements for U.S. taxpayers that have bank accounts and other financial accounts overseas. While the IRS’s updated guidance does not change anything with respect to taxpayers’ obligations, it clearly outlines the Report of Foreign Bank and Financial Accounts (FBAR) requirement and describes what taxpayers should do if they need to fix prior FBAR filing mistakes. Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
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