Offshore Account UpdatePosted on October 31, 2022
The Internal Revenue Service (IRS) recently announced the tax inflation adjustments for the 2023 tax year. As the IRS clarifies, “[t]he tax year 2023 adjustments . . . generally apply to tax returns filed in 2024.” With the 2023 tax year fast approaching, taxpayers should take these adjustments into account when doing their tax planning this season.
Read MoreOffshore Account UpdatePosted on October 17, 2022
As we discussed in September, the Internal Revenue Service (IRS) and its criminal Investigations division (IRS CI) are continuing to target fraud under the federal Paycheck Protection Program (PPP). The IRS issued guidance in August clarifying that taxpayers who improperly claim loan forgiveness cannot exclude their PPP loans from their gross income, and IRS CI announced multiple criminal cases targeting PPP loan recipients in August and September.
Read MoreOffshore Account UpdatePosted on September 30, 2022
The federal government has struggled with Paycheck Protection Program (PPP) loan fraud since launching the program at the height of the pandemic in 2020. In addition to fraudulently obtaining loans, federal authorities—including the Internal Revenue Service (IRS) and IRS Criminal Investigations (IRS CI)—are also targeting businesses and individuals for fraudulently obtaining loan forgiveness. The PPP allows loan recipients to self-certify that they meet the program’s forgiveness requirements and avoid repaying their federal funds.
Read MoreOffshore Account UpdatePosted on September 16, 2022
The Internal Revenue Service (IRS) recently extended the federal work opportunity tax credit through 2025. This credit allows businesses to reduce or eliminate their federal income tax liability by hiring workers in 10 “targeted groups.” For businesses that qualify, claiming the work opportunity tax credit can offer substantial financial benefits. However, qualifying businesses must be careful to claim the credit correctly, as the IRS has recently enhanced its scrutiny of businesses (and individuals) claiming tax benefits under these types of federal relief programs.
Read MoreOffshore Account UpdatePosted on August 31, 2022
United States taxpayers who own “specified foreign financial assets” must disclose these assets to the Internal Revenue Service (IRS) annually. This potentially involves two separate filings—IRS Form 8938 and the Report of Foreign Bank and Financial Accounts (FBAR).
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