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Category: Offshore Account Update - Page 2

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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Should Your Business Withdraw Its Employee Retention Credit (ERC) Claim (and What If It’s Already Too Late)?

Posted in Hot Topics, News, Offshore Account Update on October 31, 2023

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. Read More

Crowdfunding and Taxes: What Maryland Residents and Business Owners Need to Know in 2023

Posted in News, Offshore Account Update on June 12, 2023

Whether you use crowdfunding to kickstart your business, you receive support through crowdfunding after a life-altering event, or you contribute to a crowdfunding campaign, it is important to understand what this means (and doesn’t mean) for your federal income taxes. Crowdfunding has different tax implications under different circumstances, and knowing how the Internal Revenue Code applies to your circumstances is critical for avoiding unwanted scrutiny from the Internal Revenue Service (IRS).

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Are You (or Is Your Business) Eligible for Federal COVID-19 Tax Relief in 2022?

Posted in News, Offshore Account Update on September 30, 2022

As the economic impacts of the COVID-19 pandemic continue to linger, the Internal Revenue Service (IRS) is reminding individuals and businesses that they may still qualify for pandemic-related tax relief in 2022. In a recent News Release, the IRS highlights some of the programs that remain available. Read More

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