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Archive by Year:2023

Banque Pictet Admits to Conspiring with U.S. Taxpayers to Hide $5.6 Billion

Offshore Account Update

Posted on December 29, 2023

Swiss private bank Banque Pictet et Cie SA (Banque Pictet) has entered into a deferred prosecution agreement with the U.S. Department of Justice (DOJ) after admitting to conspiring with U.S. taxpayers and others to hide more than $5.6 billion in assets. According to a DOJ press release, Banque Pictet held these assets in “secret bank accounts in Switzerland and elsewhere” for the specific purpose of concealing taxpayers’ income from the IRS. As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the taxpayers involved could now face scrutiny from the Internal Revenue Service—and potentially criminal prosecution by the DOJ.Read More

ERC Fraud May Exceed $2 Trillion According to Federal Pandemic Watchdog

Offshore Account Update

Posted on December 15, 2023

The Pandemic Response Accountability Committee (PRAC), a federal watchdog assigned to examine fraud under the government’s COVID-19 relief programs, has estimated that fraud under the Employee Retention Credit (ERC) could cost U.S. taxpayers in excess of $2 trillion. The PRAC’s report issued late last year has largely flown under the radar, but is now gaining renewed attention as the Internal Revenue Service (IRS) prioritizes ERC fraud enforcement heading into 2024. Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

What Do Business Owners Need to Know About the Employee Retention Credit (ERC) Heading Into 2024?

Offshore Account Update

Posted on November 30, 2023

The Employee Retention Credit (ERC) was a pandemic-era program designed to help businesses that were struggling due to the economic impacts of COVID-19. Under the program, eligible businesses could claim a refundable credit for “qualified wages,” effectively subsidizing their payroll as long as they kept their employees onboard.Read More

IRS Obtains Summons Approval for Cryptocurrency Traders of Kraken

Offshore Account Update

Posted on November 17, 2023

In its efforts to crack down on cryptocurrency-related tax evasion, the Internal Revenue Service (IRS) has relied heavily on “John Doe” summonses in recent years. These summonses require cryptocurrency exchanges and other intermediaries to turn over their customers’ information to the agency—even though the agency doesn’t know whether these customers have committed a crime.Read More

IRS Announces Withdrawal Process for Employee Retention Credit (ERC) Claims

Articles/News, Hot Topics, Offshore Account Update

Posted on October 31, 2023

The Internal Revenue Service (IRS) has announced a withdrawal process for businesses that have concerns about the validity of their Employee Retention Credit (ERC) claims. As the IRS explains, it will treat withdrawn ERC claims “as if they were never filed,” and it will not impose penalties or interest.Read More

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