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News

Category: Hot Topics

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 As the IRS explains, it will treat withdrawn ERC claims “as if they were never filed,” and it will not impose penalties or interest.Read More

U.S. Supreme Court Decides in Favor of Taxpayers in Recent FBAR Decision: Why You Need an Experienced Boston, Massachusetts Tax Attorney to Help You!

Hot Topics

Posted on September 1, 2023

The United States Supreme Court has ruled on the side of U.S. taxpayers in Foreign Bank Account Reporting (FBAR) situations. This pivotal ruling not only identifies the importance of accurate and timely FBAR reporting but also highlights the need for expert legal representation when dealing with an offshore account.

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IRS Launches Criminal Tax Audits into Malta Pension Scams

Hot Topics, Offshore Account Update

Posted on August 11, 2023

The Internal Revenue Service (IRS) is cracking down on taxpayers who use Maltese pension funds to avoid federal income tax liability. While the IRS has included Maltese pension fund scams on its “Dirty Dozen” list for a few years, recent events suggest that the agency is beginning to take a more aggressive approach to targeting taxpayers in IRS tax Malta pension investigations.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

IRS Announces New Options to Amend Returns, But Taxpayers Need to Be Careful

Hot Topics, Offshore Account Update

Posted on June 30, 2022

The Internal Revenue Service (IRS) recently issued a News Release announcing that U.S. taxpayers now have more options to amend their tax returns electronically. But, while amending a tax return is the right decision in some cases, it can be risky in others. As Massachusetts federal tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers who have provided inaccurate information to the IRS will often need to explore other options.Read More

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