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Archive by Month: March 2023

Businesses in Boston that Secured PPP Loans and Claimed the Employee Retention Tax Credit Should Be Prepared for IRS Scrutiny

Articles/News, Offshore Account Update

Posted on March 31, 2023

The Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) were federal relief programs that Congress passed at the height of the COVID-19 pandemic. While they provided much-needed relief to many small businesses, they also proved to be prime targets for fraud. The PPP produced tens of billions of dollars in fraudulent loans, and NBC published a story calling the looting of COVID-19 relief programs the “biggest fraud in a generation.”Read More

The IRS is “Actively Auditing and Conducting Criminal Investigations” Related to the ERC

Articles/News, Hot Topics, Offshore Account Update

Posted on March 17, 2023

The Internal Revenue Service (IRS) recently published a News Release advising businesses that have claimed the CARES Act’s Employee Retention Credit (ERC) to carefully review their eligibility. The IRS is also warning businesses to independently assess their eligibility for the ERC when filing their taxes in 2023, noting that “promoters continue pushing ineligible people to file” for the credit when they don’t qualify.  Read More

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