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Archive by Month: October 2022

IRS Announces Tax Inflation Adjustments for 2023

Offshore Account Update

Posted on October 31, 2022

The Internal Revenue Service (IRS) recently announced the tax inflation adjustments for the 2023 tax year. As the IRS clarifies, “[t]he tax year 2023 adjustments . . . generally apply to tax returns filed in 2024.” With the 2023 tax year fast approaching, taxpayers should take these adjustments into account when doing their tax planning this season.Read More

Report: More Than 10 Percent of All PPP Loans Show “Signs of Possible Fraud”

Offshore Account Update

Posted on October 17, 2022

As we discussed in September, the Internal Revenue Service (IRS) and its criminal Investigations division (IRS CI) are continuing to target fraud under the federal Paycheck Protection Program (PPP). The IRS issued guidance in August clarifying that taxpayers who improperly claim loan forgiveness cannot exclude their PPP loans from their gross income, and IRS CI announced multiple criminal cases targeting PPP loan recipients in August and September.Read More

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