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:

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) recently released its Annual Report for fiscal year 2021. While the FY 2021 Annual Report discusses IRS CI’s enforcement efforts over the prior year, in doing so it sheds light on the division’s enforcement priorities heading into 2022. New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

When do you have the right to hire a New Jersey tax lawyer to deal with the Internal Revenue Service (IRS) on your behalf? The answer is much simpler than most people think. While there are complex and nuanced rules about when defendants in criminal matters have the right to representation, you have the right to representation any time you are dealing with the IRS.

The deadline for filing an FBAR is October 15. While FBARs are technically due on Tax Day, U.S. taxpayers receive an automatic six-month extension to file without penalties. If you missed the October 15 deadline, what penalties are you facing? New Jersey international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: