On August 15, 2024, the Internal Revenue Service (IRS) announced that it is reopening the Employee Retention Credit (ERC) Voluntary Disclosure Program for a limited time. The ERC Voluntary Disclosure Program previously closed in March 2024, with the IRS reportedly receiving more than 2,600 voluntary disclosures involving more than $1.09 billion in improper ERC credits and refunds. As Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, for business owners who are thinking about submitting a voluntary disclosure this time around, there are some important changes to keep in mind.Read More

The IRS has just reopened its Voluntary Disclosure Program (VDP), offering businesses a limited-time opportunity to correct improper Employee Retention Credit (ERC) claims before facing severe consequences. Available until November 22, 2024, the program allows businesses to amend their ERC filings at a 15% discount, helping them avoid future audits, penalties, and interest. The IRS has already initiated over 460 false disclosure investigations, but there’s still time to act. If your company is among those that may have inadvertently claimed the ERC incorrectly, now is the time to act.Read More

The Internal Revenue Service (IRS) is continuing to prioritize Employee Retention Credit (ERC) fraud in Massachusetts and other states across the country. On August 8, 2024, the IRS issued another News Release highlighting its ERC enforcement efforts, with this one noting that the agency is “intensifying audits” focused on uncovering fraudulent ERC claims. Learn more from Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More

The Affordable Care Act (ACA) requires that many businesses provide health insurance coverage to their employees. While there are tax credits available to help offset the costs of providing this coverage (and while alternatives are available in some cases), covered businesses need to prioritize compliance—and they need to be prepared to demonstrate compliance when necessary. As Boston IRS attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the Internal Revenue Service (IRS) is prioritizing ACA compliance, and businesses targeted in penalty audits can face steep consequences for non-compliance.Read More