If you live in New Jersey and have an offshore bank account—or multiple offshore bank accounts—there is a good chance that you need to file a Report of Foreign Bank and Financial Accounts (FBAR) or Form 8938 on an annual basis. In fact, you might need to file both of these forms each year. So, what if you haven’t? New Jersey international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

Enacted on July 4, 2025, the One Big Beautiful Bill (OBBB) has several important implications for businesses’ federal tax liability going forward. While several of the changes made by the OBBB provide opportunities for significant tax savings, businesses (and their owners) may see an increase in their tax liability in certain areas as well. Learn more from New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group:

If you are behind on filing your federal tax returns, you are facing the IRS’s “failure to file” penalty. This penalty begins to accrue immediately, and it continues to accrue for up to five months (subject to the minimum penalty amounts discussed below). Learn about how the IRS calculates the failure to file penalty (and what you can do if you are facing this penalty) from New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

On May 29, 2025, the Internal Revenue Service (IRS) released its annual Data Book for the 2024 fiscal year. As the IRS notes in a press release announcing the release of the 2024 Data Book, “[f]or the first time, revenue collected exceeded $5 trillion, totaling $5.1 trillion, an increase of almost 9% compared to the prior fiscal year.” However, there are some even more notable figures for taxpayers in the 2024 Data Book. New Jersey IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.