While submitting an Offer in Compromise to the Internal Revenue Service (IRS) provides an opportunity to settle your federal tax debt for less than the full amount you owe, submitting an Offer in Compromise requires informed and strategic decision-making. If you submit your Offer in Compromise improperly, or if you submit an Offer in Compromise when you don’t qualify, your tax problems could worsen. Here are some important insights from New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

Each year, the Internal Revenue Service (IRS) publishes resources to help U.S. taxpayers prepare their annual returns. It recently published several resources for 2025. Here is a look at what the IRS wants taxpayers to know this tax season from New Jersey IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.  

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.