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News

Archive by Year:2024

IRS Identifies Seven “Warning Signs” for Invalid Employee Retention Credit (ERC) Claims

Offshore Account Update

Posted on February 29, 2024

As the Internal Revenue Service (IRS) continues to crack down on Employee Retention Credit (ERC) fraud, it is advising businesses that improperly claimed the ERC to take advantage of the limited-time ERC Voluntary Disclosure Program (ERC VDP) or the claim withdrawal process before these options expire. Filing under the ERC VDP is an option for businesses that received refunds, while withdrawal is an option for businesses that still have invalid ERC claims pending. As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, business owners who fail to pursue either of these options will face significant risks in the event that the IRS uncovers their invalid ERC claims in the future.

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House Passes Bill to End the Employee Retention Credit (ERC) and Enhance ERC Enforcement

Offshore Account Update

Posted on February 16, 2024

The U.S. House of Representatives has passed a bill aimed at ending the Employee Retention Credit (ERC) and enhancing the federal government’s ability to hold promoters and business owners accountable. While the ERC was a pandemic-era relief program, eligible businesses can still file claims retroactively (although the IRS currently has a moratorium on processing new claims), and the program proved to be a prime target for fraud. Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what business owners in Massachusetts need to know:Read More

5 Key Facts About the IRS' ERC Voluntary Disclosure Program for Massachusetts Businesses

Offshore Account Update

Posted on January 31, 2024

Continuing its efforts to target fraud under the pandemic-era Employee Retention Credit (ERC), the Internal Revenue Service (IRS) recently announced that it is opening a limited-time ERC Voluntary Disclosure Program (ERC-VDP). While qualifying businesses can use the ERC-VDP to limit their liability, business owners must work with their counsel to ensure that this is the best option before they file.

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What You Need to Know if You Received an ERC Disallowance Letter from the IRS

Offshore Account Update

Posted on January 12, 2024

On December 6, 2023, the Internal Revenue Service (IRS) announced that it is mailing letters to more than 20,000 taxpayers disallowing their Employee Retention Credit (ERC) claims. The IRS notes that this “initial round” of disallowance letters is part of its “continuing efforts to combat dubious Employee Retention Credit (ERC) claims” and that the recipients are entities that either “did not exist or did not have paid employees during the period of eligibility.”Read More

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