News,
Offshore Account UpdatePosted in on August 31, 2023
The Employee Retention Credit (ERC) program is one of several federal relief programs that saw high levels of fraud during the COVID-19 pandemic. While the ERC is still available for eligible businesses to claim retroactively, the Internal Revenue Service (IRS) and other federal authorities are actively targeting ERC fraud in 2023.
Read MoreIn 2011, the U.S.-Malta Tax Treaty started a gold rush of sorts. The treaty’s language arguably (and unintentionally) allowed U.S. taxpayers to open personal retirement plans in Malta, contribute appreciated assets, and then systematically take structured distributions without incurring federal tax liability on the plan’s interest or principal. This led to many taxpayers opening Maltese pension plans—with some avoiding tens of millions of dollars in federal income tax liability.
Read MoreOffshore Account UpdatePosted in on July 31, 2023
The Paycheck Protection Program (PPP) officially ended on May 31, 2021. But, while it has now been more than two years since lenders stopped accepting applications, fighting PPP loan fraud still remains a top federal law enforcement priority.
Read MoreNewsPosted in on July 17, 2023
Kevin E. Thorn, Managing Partner of Thorn Law Group, was recently interviewed on Fox 5 following the announcement that Hunter Biden will plead guilty to misdemeanor tax charges. During the interview, Mr. Thorn shared his insights into the process behind the government’s plea deal negotiations and the factors that will go into the judge’s decision of whether to approve the deal.
Read MoreOffshore Account UpdatePosted in on June 30, 2023
For many people, federal income taxes take a big chunk out of their paychecks. While some taxpayers are entitled to a refund at the end of the year, it is possible to still owe more if your withholding doesn’t fully cover your federal income tax liability.
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