CALL US CONFIDENTIALLY NOW

News & Events

Category: Offshore Account Update

5 Key Insights for Defending Against an IRS Business Tax Audit in 2024

Offshore Account Update

Posted in on March 15, 2024

The Internal Revenue Service (IRS) is ramping up its efforts to target businesses and their owners in 2024. IRS business tax audits can be invasive and present substantial risks; and, as a result, business owners need to ensure that they are making informed and strategic decisions. With this in mind, engaging an experienced Washington D.C. business tax lawyer is a key first step toward avoiding unnecessary consequences.Read More

IRS Encourages Businesses to File Under ERC VDP Before the March 22 Deadline

Offshore Account Update

Posted in on February 29, 2024

In a recent News Release, the Internal Revenue Service (IRS) strongly encouraged business owners to file under the Employee Retention Credit Voluntary Disclosure Program (ERC VDP) before the March 22 deadline if they improperly claimed the ERC during or after the COVID-19 pandemic. The ERC VDP provides a limited-time opportunity for eligible businesses to resolve their invalid ERC claims by repaying 80 percent of their refund. But, as Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, recently discussed, filing under the ERC VDP will be risky for some businesses. As a result, informed decision-making is key, and business owners should seek advice before the March 22 deadline expires.Read More

Proposed Law Would End the Employee Retention Credit (ERC) and Increase the Risks for Businesses and Promoters Targeted for ERC Fraud

Offshore Account Update

Posted in on February 16, 2024

With the Internal Revenue Service (IRS) continuing to target fraud under the Employee Retention Credit (ERC) program, Congress has now proposed a law that would bring the program to an end. The proposed law would also lengthen the statute of limitations for ERC fraud enforcement and enhance the penalties for promoting fraudulent ERC filing schemes. Learn more from Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:

Read More

Should You File an Application Under the IRS' ERC Voluntary Disclosure Program?

Offshore Account Update

Posted in on January 31, 2024

The Internal Revenue Service (IRS) has opened a limited-time Voluntary Disclosure Program for businesses that need to correct improper Employee Retention Credit (ERC) filings. Under the IRS' ERC Voluntary Disclosure Program (ERC-VDP), eligible businesses can repay just 80 percent of their improper ERC refunds while avoiding liability for interest and penalties.

Read More

IRS Sends “Initial Round” of 20,000 Disallowance Letters to Businesses That Claimed the ERC

Offshore Account Update

Posted in on January 12, 2024

The Internal Revenue Service (IRS) announced on December 6, 2023, that it is sending an “initial round” of more than 20,000 disallowance letters to businesses that claimed the Employee Retention Credit (ERC). According to the IRS’ News Release, the letters are being sent to “entities that did not exist or did not have paid employees during the period of eligibility,” and they reflect the agency’s “increased scrutiny of ERC claims in response to misleading marketing campaigns that have targeted small businesses and other organizations.”Read More

Thorn Law Group

Get Trusted Help Now

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

Back to the Top