What should you do if you discover that you made a mistake on last year’s tax return when preparing your return in 2025? Or, what if you know that you underreported your taxable income last year, and you want to avoid facing scrutiny from the Internal Revenue Service (IRS) in the future? Find out from New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

The Internal Revenue Service (IRS) has issued a reminder about the penalties that apply to taxpayers who fail to make quarterly estimated tax payments when due. The final quarterly estimated tax payment for the 2024 tax year was due on January 15, 2025, which means that any taxpayers who haven’t paid are now delinquent. If you are one of these taxpayers, what do you need to know? New Jersey IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The Internal Revenue Service (IRS) recently finalized a new set of regulations governing what the agency calls “partnership related-party ‘basis shifting’ transactions.” These new regulations are effective immediately, and they establish new disclosure requirements (and new risks) for partnerships, partners and their tax advisors. Learn more from New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.