Offshore Account UpdatePosted on February 16, 2024
The U.S. House of Representatives has passed a bill aimed at ending the Employee Retention Credit (ERC) and enhancing the federal government’s ability to hold promoters and business owners accountable. While the ERC was a pandemic-era relief program, eligible businesses can still file claims retroactively (although the IRS currently has a moratorium on processing new claims), and the program proved to be a prime target for fraud. Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what business owners in Massachusetts need to know:
Read MoreOffshore Account UpdatePosted on January 31, 2024
Continuing its efforts to target fraud under the pandemic-era Employee Retention Credit (ERC), the Internal Revenue Service (IRS) recently announced that it is opening a limited-time ERC Voluntary Disclosure Program (ERC-VDP). While qualifying businesses can use the ERC-VDP to limit their liability, business owners must work with their counsel to ensure that this is the best option before they file.
Read MoreOffshore Account UpdatePosted on January 12, 2024
On December 6, 2023, the Internal Revenue Service (IRS) announced that it is mailing letters to more than 20,000 taxpayers disallowing their Employee Retention Credit (ERC) claims. The IRS notes that this “initial round” of disallowance letters is part of its “continuing efforts to combat dubious Employee Retention Credit (ERC) claims” and that the recipients are entities that either “did not exist or did not have paid employees during the period of eligibility.”
Read MoreOffshore Account UpdatePosted on December 29, 2023
Swiss private bank Banque Pictet et Cie SA (Banque Pictet) has entered into a deferred prosecution agreement with the U.S. Department of Justice (DOJ) after admitting to conspiring with U.S. taxpayers and others to hide more than $5.6 billion in assets. According to a DOJ press release, Banque Pictet held these assets in “secret bank accounts in Switzerland and elsewhere” for the specific purpose of concealing taxpayers’ income from the IRS. As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the taxpayers involved could now face scrutiny from the Internal Revenue Service—and potentially criminal prosecution by the DOJ.
Read MoreOffshore Account UpdatePosted on December 15, 2023
The Pandemic Response Accountability Committee (PRAC), a federal watchdog assigned to examine fraud under the government’s COVID-19 relief programs, has estimated that fraud under the Employee Retention Credit (ERC) could cost U.S. taxpayers in excess of $2 trillion. The PRAC’s report issued late last year has largely flown under the radar, but is now gaining renewed attention as the Internal Revenue Service (IRS) prioritizes ERC fraud enforcement heading into 2024. Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
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