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 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

Tax Day is right around the corner, and that means most taxpayers are somewhere in the process of preparing to file their annual returns. While this process can be fairly straightforward if your paycheck is your only source of income, for many taxpayers the process of preparing their returns is a much more complicated process.Read More

If you are a Massachusetts resident (or former Massachusetts resident) who is living abroad, you may qualify for the IRS’ Foreign Earned Income Exclusion (FEIE). This exclusion allows you to exclude up to $112,000 of your foreign-earned income from your federal taxable income. But, determining your eligibility for the FEIE and calculating the amount of your eligible foreign-earned income is not easy; and, even if you don’t have to pay tax on this income, you must still report it on your annual return.Read More

Now that we’re well into 2023, Tax Day is right around the corner. For cryptocurrency investors and businesses that accept Bitcoin and other cryptocurrencies as a form of payment, this means that it is time to figure out how much gain and loss they realized on their transactions throughout 2022. But does it also mean they need to prepare to file an FBAR with their annual returns?Read More