Offshore Account UpdatePosted on June 16, 2021
Under the Foreign Account Tax Compliance Act (FATCA), U.S. taxpayers must report foreign financial assets that exceed certain aggregate thresholds to the Internal Revenue Service (IRS) on an annual basis. In this article, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what qualifies as a “foreign financial asset” for purposes of the annual FATCA reporting requirement.
Read MoreWith 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 MoreThe 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 MoreWhen the Internal Revenue Service (IRS) extended the federal income tax filing deadline to May 17 for 2021, it left another important deadline untouched: U.S. taxpayers who owned foreign bank accounts in 2020 remained obligated to disclose these accounts by April 15. Since this date has passed, what should you do if you failed to file your Report of Foreign Bank and Financial Accounts (FBAR) on time? Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
Read MoreOffshore Account UpdatePosted on April 16, 2021
The Internal Revenue Service’s Criminal Investigation Division (IRS CI) is having a busy year. After pursuing a relatively low number of investigations in 2020 (no doubt attributable in no small part to the COVID-19 pandemic), IRS CI now seems to be making up for lost time. So, could you be on IRS CI’s enforcement radar for 2021? In this article, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, provides his insights on IRS CI’s current law enforcement priorities.
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