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News & Events

Archive by Month: March 2022

5 Issues that Can Lead to IRS Scrutiny of “Abusive Trust Arrangements”

Articles/News, Offshore Account Update

Posted in on March 31, 2022

The Internal Revenue Service (IRS) is actively targeting estate planners, grantors, trust administrators and beneficiaries suspected of utilizing abusive trust arrangements to evade federal tax liability. Those who utilize abusive trust arrangements can face IRS audits—and these audits can lead to civil or criminal penalties depending on the IRS’ findings. Here, New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses five issues that may lead to IRS scrutiny.

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Failure to Remit Employees’ Income and FICA Taxes Can Lead to Substantial Penalties for Employers and Their Personnel

Offshore Account Update

Posted in on March 18, 2022

Income tax season can present a variety of risks for businesses. One of these is the risk of facing a Trust Fund Recovery Penalty (TFRP) audit. If the information employees submit on their 1040s does not match what employers have reported and paid to the Internal Revenue Service (IRS) with regard to withheld income and FICA taxes, this can trigger an audit carrying the potential for significant penalties. New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

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