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Archive by Year:2024 - Page 2

IRS Tax Audits Targeting Maryland Businesses: Common Issues and Potential Defense Strategies

Posted in News, Offshore Account Update on March 15, 2024

Federal tax audits present substantial risks for businesses of all sizes. Not only can the Internal Revenue Service (IRS) impose liability for back taxes, interest and penalties, but IRS audits can also lead to federal criminal charges in some cases. To mitigate their risk, companies targeted by the IRS must play an active role in the audit process, and they must work with an experienced Maryland business tax attorney to execute an informed and cohesive defense strategy. Read More

Proposed Law Set to End the Employee Retention Credit (ERC) Program and Enhance ERC Fraud Enforcement

Posted in News, Offshore Account Update on February 16, 2024

Passed by the U.S. House of Representatives on January 31, 2024, the Tax Relief for American Families and Workers Act of 2024 is poised to permanently close the pandemic-era Employee Retention Credit (ERC) program. If enacted, the law would also extend the statute of limitations for ERC-related assessments and enhance the penalties for promoting fraudulent ERC filing schemes. Learn more from Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group: Read More

IRS Sends 20,000 ERC Disallowance Letters, Opens ERC Voluntary Disclosure Program

Posted in Hot Topics, News, Offshore Account Update on January 12, 2024

The Internal Revenue Service (IRS) is continuing to target fraud under the pandemic-era Employee Retention Credit (ERC) program. After announcing a withdrawal option in October 2023 for businesses that claimed the ERC improperly, the IRS sent an “initial round” of more than 20,000 disallowance letters to businesses in December. It followed these efforts with the announcement of a limited-time ERC Voluntary Disclosure Program (ERC-VDP) a few weeks later.

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