News and Events

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.

The Internal Revenue Service (IRS) is giving business owners the opportunity to withdraw invalid Employee Retention Credit (ERC) claims before they trigger audits and investigations. If you have concerns about your business’s ERC claim and think it might be best to withdraw, you should consult with a Maryland tax lawyer promptly. While withdrawing your business’s claim might be the best option, there are other options as well—and the IRS has made clear that withdrawing ERC claims will not insulate business owners from prosecution for attempted tax fraud.

For taxpayers who own offshore bank accounts and other foreign financial assets, filing a Report of Foreign Bank and Financial Accounts (FBAR) is an important part of federal tax compliance. Taxpayers whose accounts exceed the statutory thresholds must file FBARs on an annual basis, and failure to do so can lead to steep penalties. So, what if you haven’t met your FBAR filing obligations? US International Tax Advisors explains:

The U.S. House of Representatives has proposed a bill that, if passed, will have significant tax consequences for cryptocurrency investors. The bill proposes a “wash sale” rule for cryptocurrency similar to the rule that exists today for stocks, bonds and other securities. US International Tax Advisors, explains:

With 2021’s delayed federal tax deadline of May 17 fast approaching, the Internal Revenue Service (IRS) is warning U.S. taxpayers to be careful when preparing their annual returns. On April 20, the agency issued a News Release advising that taxpayers must, “[s]teer clear of typical tax return errors” in order to avoid unwanted scrutiny. Here, US International Tax Advisors shares his insights on what taxpayers should do to protect themselves.