News & Events

Category: Hot Topics

IRS: Qualifying Businesses Can Withdraw Their ERC Claims to Avoid Interest and Penalties

Hot Topics, News, Offshore Account Update

Posted in on October 31, 2023

On October 19, 2023, the Internal Revenue Service (IRS) announced a process for businesses to withdraw their Employee Retention Credit (ERC) claims. The announcement comes just over a month after the IRS placed a moratorium on new filings due to concerns about widespread ERC fraud. Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what business owners need to know:Read More

Important BREAKING News for US Taxpayers and Foreign Bank Accounts: US Supreme Court Rules in Favor of the Taxpayer in Regard to FBAR Filings!

Hot Topics

Posted in on September 1, 2023

The United States Supreme Court has recently ruled in favor of taxpayers in a significant case involving Foreign Bank Account Reporting (FBAR) requirements. The ruling addresses the penalty structure for non-willful violations of FBAR reporting obligations, emphasizing a per-report basis. This decision carries substantial implications for taxpayers and underscores the critical need for individuals facing FBAR-related challenges to secure the services of an experienced Washington DC tax attorney.

Read More

The IRS is Targeting Tax-Free Distributions Under Maltese Pension Plans

Hot Topics, Offshore Account Update

Posted in on August 11, 2023

In 2011, the U.S.-Malta Tax Treaty started a gold rush of sorts. The treaty’s language arguably (and unintentionally) allowed U.S. taxpayers to open personal retirement plans in Malta, contribute appreciated assets, and then systematically take structured distributions without incurring federal tax liability on the plan’s interest or principal. This led to many taxpayers opening Maltese pension plans—with some avoiding tens of millions of dollars in federal income tax liability.Read More

IRS: Businesses that Claim the ERC Credit Are Under the Microscope

Hot Topics, News, Offshore Account Update

Posted in on March 17, 2023

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 Update

Posted in on June 16, 2022

Among the Internal Revenue Service’s (IRS) many priorities is enforcing partnerships’ federal income tax obligations. In recent years, the IRS has implemented two major programs focused specifically on partnership tax enforcement, and we expect to see increased activity under both of these programs in 2022 and beyond. In this article, Washington D.C. federal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the implications of these recent developments for business partners:Read More

Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the Top