The Internal Revenue Service (IRS) is continuing to aggressively target Employee Retention Credit (ERC) fraud in 2024. With numerous audits and investigations pending, the IRS is continuing to launch new inquiries at record pace. These inquiries present substantial risks, and for targeted businesses and their owners, engaging an experienced Washington D.C. IRS tax lawyer is a key first step toward avoiding unnecessary consequences.

The Internal Revenue Service (IRS) is ramping up its efforts to target businesses and their owners in 2024. IRS business tax audits can be invasive and present substantial risks; and, as a result, business owners need to ensure that they are making informed and strategic decisions. With this in mind, engaging an experienced Washington D.C. business tax lawyer is a key first step toward avoiding unnecessary consequences.

In a recent News Release, the Internal Revenue Service (IRS) strongly encouraged business owners to file under the Employee Retention Credit Voluntary Disclosure Program (ERC VDP) before the March 22 deadline if they improperly claimed the ERC during or after the COVID-19 pandemic. The ERC VDP provides a limited-time opportunity for eligible businesses to resolve their invalid ERC claims by repaying 80 percent of their refund. But, as Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, recently discussed, filing under the ERC VDP will be risky for some businesses. As a result, informed decision-making is key, and business owners should seek advice before the March 22 deadline expires.

With the Internal Revenue Service (IRS) continuing to target fraud under the Employee Retention Credit (ERC) program, Congress has now proposed a law that would bring the program to an end. The proposed law would also lengthen the statute of limitations for ERC fraud enforcement and enhance the penalties for promoting fraudulent ERC filing schemes. Learn more from Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group: