The Internal Revenue Service (IRS) recently announced the launch of a new enforcement initiative specifically targeting partnerships and other pass-through entities. As the agency explains in an October 22, 2024 News Release, it has created a new pass-through field operations unit that is “specifically devoted to ensuring compliance of pass-throughs of every size and form—including partnerships, S-corporations and trusts—reflect[ing] the IRS’ broader efforts to focus more attention and resources on an area that has historically been under-scrutinized.” Learn more from Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.
Read MoreThe 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 MoreThe Internal Revenue Service (IRS) has announced a withdrawal process for businesses that have concerns about the validity of their Employee Retention Credit (ERC) claims. As the IRS explains, it will treat withdrawn ERC claims “as if they were never filed,” and it will not impose penalties or interest.
Read MoreHot TopicsPosted on September 1, 2023
The United States Supreme Court has ruled on the side of U.S. taxpayers in Foreign Bank Account Reporting (FBAR) situations. This pivotal ruling not only identifies the importance of accurate and timely FBAR reporting but also highlights the need for expert legal representation when dealing with an offshore account.
Read MoreThe Internal Revenue Service (IRS) is cracking down on taxpayers who use Maltese pension funds to avoid federal income tax liability. While the IRS has included Maltese pension fund scams on its “Dirty Dozen” list for a few years, recent events suggest that the agency is beginning to take a more aggressive approach to targeting taxpayers in IRS tax Malta pension investigations.
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