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Archive by Month: July 2022

IRS’ New Five-Year Plan Highlights Enforcement Priorities

Offshore Account Update

Posted on July 29, 2022

On July 20, 2022, the Internal Revenue Service (IRS) published its Strategic Plan FY2022-2026. The IRS’ new five-year plan highlights four primary goals, one of which is to “[e]nforce the tax law fairly and efficiently to increase voluntary compliance and narrow the tax gap.”Read More

What Employers in Massachusetts Need to Know about the Employee Retention Credit in 2022

Articles/News, Offshore Account Update

Posted on July 22, 2022

With businesses struggling to stay open—and with employees struggling to keep their jobs—during the height of the COVID-19 pandemic, Congress established several short-term relief programs in 2020. One of these programs was the employee retention credit. Eligible businesses could claim this refundable credit in order to offset their payroll costs, helping them continue to provide jobs despite their declining revenues.Read More

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