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.

For U.S. taxpayers who own offshore bank accounts and other foreign financial assets, understanding their obligations under the Foreign Account Tax Compliance Act (FATCA) can be difficult. But, it is also extremely important—FATCA violations can carry civil or criminal penalties depending on the circumstances involved. In this article, New Jersey international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, highlights some key information from the IRS’s FATCA FAQs.

If you own “specified foreign financial assets,” you may have an obligation to disclose these assets to the Internal Revenue Service (IRS). So, what types of assets qualify, and what do you need to disclose on IRS Form 8938? New Jersey FATCA attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.