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Archive by Year:2020

IRS Fraud Enforcement Office Will Open in the Midst of the COVID-19 Crisis

Articles/News, Hot Topics

Posted in on August 31, 2020

On March 5, 2020, the Internal Revenue Service (IRS) announced the formation of a new Fraud Enforcement Office within its Small Business/Self-Employed Division. While the COVID-19 crisis has put many things on hold, the Fraud Enforcement Office’s director, Damon Rowe, recently told Law 360 that the office is on pace to open as scheduled:

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Have You Received Cryptocurrency Letter 6173, Letter 6174 or Letter 6174-A from the IRS?


Posted in on August 17, 2020

On July 26, 2019, the Internal Revenue Service (IRS) announced that it was sending “educational letters” to U.S. taxpayers who were potentially behind on their federal taxes as a result of underreporting or underpaying their cryptocurrency-related liability. On August 14, 2020, the IRS did it again.

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What Factors Do You Need to Consider Before Voluntarily Disclosing Information to IRS CI?

Offshore Account Update

Posted in on July 31, 2020

Under federal law, the penalties for tax evasion include six-figure fines and up to five years of federal imprisonment. Other tax-related crimes carry even greater penalties. While it is possible to avoid criminal prosecution through the Internal Revenue Service’s (IRS) Voluntary Disclosure Practice, there are several critical factors you need to consider before admitting to the commission of a federal crime. Here, New Jersey IRS voluntary disclosure lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an introduction to what you need to know.

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What Should You Do if the IRS is Auditing Your 2020 Income Tax Return?


Posted in on June 30, 2020

While the Internal Revenue Service (IRS) extended Tax Day to July 15 and offered various other forms of relief to taxpayers in response to the COVID-19 pandemic, the nation’s tax collector is still vigorously enforcing taxpayers’ legal obligations. One of its primary means for doing so is by conducting audits, and many New Jersey residents and businesses can expect to face audits of their 2020 income tax returns.

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Tax Day Presents Unique Challenges for Cryptocurrency Investors in New Jersey

Articles/News, Hot Topics

Posted in on May 5, 2020

As 2020’s revised Tax Day approaches, New Jersey taxpayers who bought, sold or used cryptocurrency in 2019 are likely to find that complying with their income reporting and tax payment obligations presents a challenge. Even though the Internal Revenue Service (IRS) has acknowledged that its guidance on cryptocurrency reporting has been less than clear, it has also clearly signaled its intent to target individual and corporate taxpayers that fail to accurately report and pay what they owe.

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