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.

Despite its mainstream acceptance, cryptocurrency is still closely associated with criminal enterprise. The ability to conduct transactions anonymously has made Bitcoin and other cryptocurrencies attractive to individuals and organizations seeking to keep their activities secret, and this in turn has garnered the attention of federal authorities. As New Jersey criminal tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the Internal Revenue Service’s Criminal Investigations Division (IRS CI) in particular has recently focused its efforts on targeting market participants for non-tax-related crimes.

As the end of the year approaches, many taxpayers begin the process of preparing to file next year’s tax returns. When going through this process, some taxpayers will discover that they made mistakes in their previous filings. If you discover that you made mistakes, should you file an amended federal tax return? New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

The federal government is continuing to crack down on individuals and businesses suspected of defrauding (and attempting to defraud) the government’s COVID-19 relief programs. The Internal Revenue Service’s Criminal Investigation Division (IRS CI) has been particularly active, announcing a dozen such cases in August and September alone.

Earlier this year, we reported that the Internal Revenue Service (IRS) was sending warning letters to micro-captive insurance companies and their clients. On April 9, the IRS issued a News Release that underscores its intent to target taxpayers who participate in abusive micro-captive insurance arrangements in 2021. New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: