The Internal Revenue Service (IRS) is leveraging its ability to conduct invasive audits to collect additional taxes, interest and penalties from both domestic and foreign U.S. taxpayers. This includes businesses, partnerships and high-income individuals. In this article, New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains common issues that can trigger IRS audits and highlights some of the risks involved.

While the One Big, Beautiful Bill (OBBB) made national headlines this summer, one little-known provision in the OBBB addresses businesses’ ability to retroactively claim the pandemic-era Employee Retention Credit (ERC).

The Internal Revenue Service (IRS) recently issued a warning about tax credit scams on social media. It also warned that taxpayers who fall for these scams can pay the price. When it comes to federal tax matters, it is up to taxpayers to ensure compliance, and relying on misinformation posted on social media is not an excuse for underpaying the IRS. Learn more from New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group:

The federal Foreign Account Tax Compliance Act (FATCA) and Bank Secrecy Act (BSA) establish separate reporting requirements for U.S. taxpayers who hold qualifying offshore accounts. If a taxpayer fails to comply with the offshore account disclosure requirements under FATCA or the BSA (or both), this can trigger civil or criminal penalties depending on the circumstances involved. As New Jersey offshore tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers who are in violation of these statutes must promptly assess their options for coming into compliance.

The Internal Revenue Service (IRS) has bolstered its efforts to target individuals and businesses in criminal tax cases in recent weeks. We have seen a rise in cases involving IRS income taxes, IRS payroll taxes, and IRS business taxes—with investigations leading to charges against businesses, business owners, and other individuals. Learn more from New Jersey criminal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.