Due to widespread fraud under the Paycheck Protection Program (PPP), the U.S. Small Business Administration (SBA) will be auditing many loan recipients at the time they apply for forgiveness through their lenders. These audits have the potential to lead to additional scrutiny from various federal agencies, including the Internal Revenue Service (IRS). If your company is contacted by the IRS with regard to its use of PPP funds, it will be important for you to consult with a Boston tax attorney promptly.

For cryptocurrency investors, the challenges of understanding how the Internal Revenue Code (IRC) applies to cryptocurrency transactions do not provide an excuse for non-compliance. As a result, as federal Tax Day approaches, individual and corporate taxpayers must ensure that they have a clear understanding of what they need to report on their federal returns. Contact Boston tax attorney Kevin E. Thorn today to get the answers you need and discuss your specific situation in greater detail.

The Internal Revenue Service (IRS) has formed a new Fraud Enforcement Office that will share responsibility for targeting tax fraud in the small business sector. In a March 5, 2020 statement announcing the creation of the Fraud Enforcement Office, the IRS wrote that the new office (which is housed within the Small Business/Self Employed Division) will work, “in support of IRS efforts to detect and deter fraud while strengthening the [IRS’s] National Fraud Program.”