News & Events

Puerto Rico Act 60 allows qualifying individuals and businesses to avoid federal income tax for both ordinary income and capital gains. However, while this was precisely the purpose for which the Act (and its predecessors—Puerto Rico Acts 20 and 22) was established, the Internal Revenue Service (IRS) is now cracking down on U.S. taxpayers who use the Act to avoid federal tax liability. Crucially, the IRS is pursuing criminal inquiries in some cases, and these IRS criminal tax audits present risks for both substantial fines and prison time.Read More

The Employee Retention Credit (ERC) program is one of several federal relief programs that saw high levels of fraud during the COVID-19 pandemic. While the ERC is still available for eligible businesses to claim retroactively, the Internal Revenue Service (IRS) and other federal authorities are actively targeting ERC fraud in 2023.Read More

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

The Paycheck Protection Program (PPP) officially ended on May 31, 2021. But, while it has now been more than two years since lenders stopped accepting applications, fighting PPP loan fraud still remains a top federal law enforcement priority.Read More

For many people, federal income taxes take a big chunk out of their paychecks. While some taxpayers are entitled to a refund at the end of the year, it is possible to still owe more if your withholding doesn’t fully cover your federal income tax liability.Read More