IRS: Businesses that Claim the ERC Credit Are Under the Microscope
Hot Topics, News, Offshore Account UpdatePosted in on March 17, 2023
News & Events
Category: Hot Topics
The Internal Revenue Service (IRS) recently announced that it is continuing to target businesses that have claimed the Employee Retention Credit (ERC). The ERC was a limited-time credit offered to qualifying businesses under the CARES Act for the 2020 and 2021 tax years. According to an IRS News Release, the agency has identified widespread fraud related to the ERC, and, as a result, it is “actively auditing and conducting criminal investigations related to these false claims.”Read More
BBA Partnership Audits and the IRS’ Centralized Partnership Audit Regime: What Business Partners Need to Know in 2022
Hot Topics, Offshore Account UpdatePosted in on June 16, 2022
IRS CI is Targeting Cryptocurrency Cases Involving Fraud and Other Crimes
Hot Topics, Offshore Account UpdatePosted in on January 21, 2022
Can You Avoid Late FBAR Penalties Based on “Reasonable Cause?”
Hot Topics, Offshore Account UpdatePosted in on October 29, 2021
Under the federal Bank Secrecy Act (BSA), U.S. taxpayers who own qualifying offshore accounts and other foreign financial assets are required to file a Report of Foreign Bank and Financial Accounts (FBAR) on an annual basis. Failure to comply with the BSA can lead to steep penalties—even if the failure is inadvertent. With this in mind, U.S. taxpayers who discover that they are behind on their FBAR filings must take proactive steps to come into compliance. As Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this may mean submitting a statement of “reasonable cause.”
Read MoreShould Businesses Use the IRS’ Voluntary Classification Settlement Program (VCSP)?
Hot Topics, Offshore Account UpdatePosted in on September 17, 2021
