As we close the books on 2020, Tax Day is suddenly right around the corner once again. While 2020 presented unprecedented challenges for New Jersey residents and businesses, the IRS still expects and demands full compliance, and even unintentional tax mistakes could lead to significant repercussions in 2021. So, as a New Jersey taxpayer, what do you need to know in order to avoid unwanted scrutiny? Here is a look back at 10 of the top articles that New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, published in 2020:

If you have foreign bank accounts, or if you own a business that has foreign bank accounts, you may be required to file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), with the U.S. Treasury Department’s Financial Crimes Enforcement Network on an annual basis. Here are five important facts about FBAR compliance from New Jersey foreign bank account lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group: