2022 Year in Review: What Do New Jersey Taxpayers Need to Know in 2023?

Offshore Account Update

Posted on December 30, 2022 |

As we head into 2023, taxpayers in New Jersey need to prioritize compliance. The IRS has made clear that it intends to ramp up its enforcement efforts in the years to come, and its Strategic Plan for Fiscal Years 2022-2026 highlights several enforcement priorities. With this in mind, here are some of our key insights from 2022 that taxpayers can (and should) carry into 2023:

Business Income and Employment Tax Compliance

Businesses in New Jersey have several federal income and employment tax obligations. Business owners also need to be very careful to avoid improperly claiming credits or taking advantage of benefits for which their companies are ineligible. In 2022, we published articles on business tax compliance including:

Individual Tax Filing and Payment Compliance

Individuals who reside in New Jersey can owe a variety of obligations to the IRS as well. For many taxpayers, filing an annual income tax return is just one of several steps they need to take in order to remain in compliance with the Internal Revenue Code. Some of the top subjects we covered for New Jersey residents in 2022 included:

Offshore Account Disclosure Compliance

Many of our clients have offshore accounts and other foreign assets. For these clients, maintaining compliance with the IRS’s (and FinCEN’s) annual reporting requirements is critical. Non-compliance can lead to steep penalties, though there are options for mitigating these penalties in some cases. In 2022, we covered topics related to offshore account disclosure compliance such as:

Proactively Resolving Issues with the IRS

Many of our clients also have problems with the IRS. If you are dealing with the IRS (or if you are concerned about facing IRS scrutiny), a proactive approach is generally best. Here are some of the articles we published in 2022 with tips on resolving tax-related issues and tax controversies:

Request an Appointment with Tax Attorney Kevin E. Thorn

If you have questions or concerns about tax compliance in 2023, we invite you to get in touch. To schedule a confidential consultation with tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, please call 201-842-7696, email or request an appointment online today.

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