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:

Another tax season has come and gone. But, for many U.S. taxpayers, this does not mean they can breathe a sigh of relief until next year. An estimated seven million U.S. taxpayers fail to file with the Internal Revenue Service (IRS) annually—many of whom owe more than they can afford to pay.

If you are behind on your federal income tax obligations, you are responsible for interest and penalties in addition to the taxes that you owe. But, you may also qualify for penalty relief from the Internal Revenue Service (IRS). Here, New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the eligibility requirements for penalty relief, as well as some of the options you may have if you don’t qualify.

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.

Income tax season can present a variety of risks for businesses. One of these is the risk of facing a Trust Fund Recovery Penalty (TFRP) audit. If the information employees submit on their 1040s does not match what employers have reported and paid to the Internal Revenue Service (IRS) with regard to withheld income and FICA taxes, this can trigger an audit carrying the potential for significant penalties. New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.