While it has been well over a year since the federal Paycheck Protection Program (PPP) expired, the Internal Revenue Service (IRS) is continuing to target PPP loan recipients for fraud. This includes both (i) fraudulently obtaining PPP loans through falsified applications and fabricated documentation; and (ii) fraudulently obtaining PPP loan forgiveness through invalid certifications.Read More

The Internal Revenue Service (IRS) recently announced that it will be offering penalty relief to taxpayers, both individuals and businesses, that failed to timely file certain 2019 and 2020 returns during the COVID-19 pandemic. While the IRS will automatically issue more than $1.2 billion in refunds or credits to taxpayers that have already paid penalties, taxpayers who are not eligible to receive this automatic relief can have their failure-to-file penalties “waived or, to the extent previously assessed, abated, refunded, or credited” if they file in time.Read More

For U.S. taxpayers who own “specified foreign financial assets,” Tax Day doesn’t just come with an obligation to file an annual income tax return. These taxpayers must file additional forms to disclose their foreign financial assets as well. Fortunately, for those who fail to file, the Internal Revenue Service (IRS) provides an automatic extension to October 15.Read More

With crowdfunding continuing to grow in popularity as a means to do everything from launch business ventures to help those in need, the Internal Revenue Service (IRS) has recently provided guidance on crowdfunding’s tax implications. However, as is often the case, the IRS' guidance leaves several key questions unanswered.Read More