As 2021 comes to a close, it is time for our annual look back at the top tax stories from the year. Here, New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, recaps some of the key issues that will continue to impact taxpayers’ reporting and payment obligations (and audit risks) in 2022:

The Internal Revenue Service (IRS) regularly publishes frequently-asked questions (FAQs) on important topics for individual and corporate U.S. taxpayers. For example, the IRS recently published a series of FAQs on the tax implications associated with Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). However, while the IRS encourages taxpayers to review its guidance, it also wants taxpayers to know that they cannot rely on its guidance exclusively. New Jersey IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: