As we close the books on 2020, Tax Day is suddenly right around the corner once again. While 2020 presented unprecedented challenges for New Jersey residents and businesses, the IRS still expects and demands full compliance, and even unintentional tax mistakes could lead to significant repercussions in 2021. So, as a New Jersey taxpayer, what do you need to know in order to avoid unwanted scrutiny? Here is a look back at 10 of the top articles that New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, published in 2020:

If you have foreign bank accounts, or if you own a business that has foreign bank accounts, you may be required to file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), with the U.S. Treasury Department’s Financial Crimes Enforcement Network on an annual basis. Here are five important facts about FBAR compliance from New Jersey foreign bank account lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group:

Have you received a CP2000 tax notice from the Internal Revenue Service (IRS) pertaining to your income tax liability for cryptocurrency trades or investment activity? If so, you are not alone. The IRS is sending these notices to U.S. taxpayers who are suspected of underpaying their federal income tax liability, and there have been reports of large volumes of these notices being issues in recent weeks. Our New Jersey tax lawyers have been following these developments closely and are available to represent individuals and businesses that need help dealing with the IRS.

If you live in New Jersey and you are behind on your federal taxes, submitting an offer in compromise could allow you to resolve your tax debt without paying the full amount you owe. Before you submit an offer, however, there are some important facts you need to know, and you will want to carefully weigh all of your options with the help of a New Jersey tax defense lawyer.

While the COVID-19 crisis has had a substantial impact on New Jersey’s economy, and while many businesses have been forced to shut down, some companies are thriving. For those that are, the risk of facing a federal tax fraud investigation is a very real concern.