Most New Jersey residents think about taxes once a year—usually a few weeks or months before April 15. But, many taxpayers have an obligation to make quarterly estimated tax payments throughout the year. Taxpayers who fail to make estimated payments as required can face steep penalties, and they can increase their risk of facing a tax audit or investigation. Learn more from New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

It is around this time each year that many individuals learn they have fallen victim to tax scams. From fraudulent tax return preparers to phone and email phishing scams, taxpayers face several risks if they are not careful. If you thought you filed your taxes on time but now find yourself dealing with the Internal Revenue Service (IRS), here are some important facts from New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:

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.

If you own “specified foreign financial assets,” you may have an obligation to disclose these assets to the Internal Revenue Service (IRS). So, what types of assets qualify, and what do you need to disclose on IRS Form 8938? New Jersey FATCA attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.  

On January 13, 2022, the Internal Revenue Service (IRS) published a Tax Tip titled, “Here Are Reasons People Who Don’t Normally File Should File a 2021 Tax Return.” The Tax Tip goes on to explain various reasons why taxpayers may be entitled to refunds, and it discusses the opportunities that are available for first-time filers to claim child tax credits and recovery rebate credits, among others. But, what the IRS’s Tax Tip doesn’t explain is that filing for the first time can be risky if you should have filed in the past. With this in mind, here are some important considerations for first-time filers in the U.S. and abroad from New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group: