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Archive by Year:2022

IRS (and IRS CI) Continue To Target PPP Loan Fraud

Offshore Account Update

Posted on September 30, 2022

The federal government has struggled with Paycheck Protection Program (PPP) loan fraud since launching the program at the height of the pandemic in 2020. In addition to fraudulently obtaining loans, federal authorities—including the Internal Revenue Service (IRS) and IRS Criminal Investigations (IRS CI)—are also targeting businesses and individuals for fraudulently obtaining loan forgiveness. The PPP allows loan recipients to self-certify that they meet the program’s forgiveness requirements and avoid repaying their federal funds.Read More

Does Your Massachusetts Business Qualify for the IRS’ Work Opportunity Tax Credit?

Offshore Account Update

Posted on September 16, 2022

The Internal Revenue Service (IRS) recently extended the federal work opportunity tax credit through 2025. This credit allows businesses to reduce or eliminate their federal income tax liability by hiring workers in 10 “targeted groups.” For businesses that qualify, claiming the work opportunity tax credit can offer substantial financial benefits. However, qualifying businesses must be careful to claim the credit correctly, as the IRS has recently enhanced its scrutiny of businesses (and individuals) claiming tax benefits under these types of federal relief programs.Read More

The 2022 Deadline for Reporting Foreign Financial Assets is Approaching—Do You Need to File?

Offshore Account Update

Posted on August 31, 2022

United States taxpayers who own “specified foreign financial assets” must disclose these assets to the Internal Revenue Service (IRS) annually. This potentially involves two separate filings—IRS Form 8938 and the Report of Foreign Bank and Financial Accounts (FBAR).Read More

Closing Your Business? You Need to Be Careful to Avoid Issues with the IRS

Offshore Account Update

Posted on August 12, 2022

Between the lingering economic impacts of the COVID-19 pandemic and the unprecedented inflation we have experienced in 2022, many businesses in Boston are being forced to shut their doors for good. When closing up shop, business owners need to take several steps, and they need to be careful to avoid problems with the Internal Revenue Service (IRS).Read More

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

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