Offshore Account UpdatePosted in on September 16, 2024
The Internal Revenue Service (IRS) recently announced that its Office of Promoter Investigations “has received hundreds of referrals” for alleged Employee Retention Credit (ERC) fraud promotion schemes. While the IRS is holding businesses accountable for submitting fraudulent ERC claims, its Office of Promoter Investigations is also targeting tax advisors, accountants and others suspected of encouraging and facilitating fraudulent filings.
Read MoreThe IRS has reopened its Voluntary Disclosure Program (VDP) for businesses with improper Employee Retention Credit (ERC) claims, providing a limited window to correct errors and avoid future penalties. This initiative, running through November 22, 2024, allows businesses to come forward and correct their ERC claims at a 15% discount, helping them steer clear of audits, penalties, and interest.The IRS has already initiated over 460 false disclosure investigations, but there’s still time to act.
Read MoreOffshore Account UpdatePosted in on August 16, 2024
The Internal Revenue Service (IRS) recently issued a News Release that provides an update on its efforts to process the backlog of pending Employee Retention Credit (ERC) claims while also targeting ERC fraud. Targeting ERC fraud has been among the IRS’ top enforcement priorities in 2024, and its enforcement efforts have led to hundreds of criminal cases against businesses and their owners. Learn more from Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.
Read MoreOffshore Account UpdatePosted in on July 31, 2024
The Internal Revenue Service (IRS) recently published a new list of “warning signs” for fraudulent Employee Retention Credit (ERC) claims. This list adds to the IRS’ previous list published in May. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the new list highlights the IRS’ ongoing prioritization of ERC fraud and the scope of its efforts to uncover and prosecute fraudulent claims.
Read MoreOffshore Account UpdatePosted in on July 19, 2024
The Internal Revenue Service (IRS) is prioritizing Affordable Care Act (ACA) compliance in 2024. Employers that are subject to the ACA’s health insurance coverage requirements are at increased risk of facing scrutiny, and penalty audits under the ACA are leading to substantial liability in many cases. What do you need to know if the IRS is auditing your company under the ACA? Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
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