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Partnership Tax Audits: Preparing to Deal with the IRS

News, Offshore Account Update

Posted in on April 14, 2023

Is the Internal Revenue Service (IRS) auditing your partnership? If you have received a Notice of Selection for Examination (IRS Letter 2205-D), you need to be prepared. IRS partnership audits can present substantial risks, and Partnership Representatives must work closely with the partnership’s counsel to execute a strategic defense.Read More

Did Your Business Claim the Employee Retention Credit After Receiving a PPP Loan?

News, Offshore Account Update

Posted in on March 31, 2023

The federal Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) provided much-needed financial lifelines to many small businesses during the COVID-19 pandemic. They also proved to be prime targets for fraud. Fraud under these programs cost U.S. taxpayers tens of billions of dollars, and now the Internal Revenue Service (IRS) and its Criminal Investigation division (IRS CI) are working to claw back as much of this money as possible.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

Despite Confusion, IRS CI Continues To Target PPP Loan Fraud in 2023

News, Offshore Account Update

Posted in on January 20, 2023

IRS Criminal Investigation (IRS CI) is continuing to target Paycheck Protection Program (PPP) loan recipients in 2023. It has announced multiple cases in just the first few weeks of 2023, and all indications are that 2023 will be a busy year for PPP loan fraud enforcement.

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Employers That Claimed the IRS’ Employee Retention Credit Should Verify Compliance

News, Offshore Account Update

Posted in on July 22, 2022

In 2020, Congress established a new employee retention credit to help businesses that were struggling as a result of the economic impacts of the COVID-19 pandemic. Congress extended the employee retention credit for 2021, but in doing so, it also established new eligibility requirements.

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