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Category: Articles/News

What Do Business Owners Need to Know About ERC Fraud in 2023?

Articles/News, Offshore Account Update

Posted on August 31, 2023

The Employee Retention Credit (ERC) is a refundable tax credit available to eligible businesses for the 2020 and 2021 tax years. While the ERC was intended as a COVID-19 pandemic relief measure, businesses can still claim the credit retroactively in 2023.Read More

Will I Be Penalized if I Cash My Paycheck and Never Pay Tax on My Earnings?

Articles/News, Offshore Account Update

Posted on April 28, 2023

When you earn income in the United States, you must pay a portion of your income to the government. All U.S. residents and citizens owe income reporting and tax payment obligations to the Internal Revenue Service (IRS), and Massachusetts residents must pay state income taxes as well.Read More

Your Partnership is Subject to a Tax Audit: Are You Ready to Deal With the IRS?

Articles/News, Offshore Account Update

Posted on April 14, 2023

The Internal Revenue Service (IRS) routinely audits partnerships for all forms of tax compliance. From underpaying income tax to failing to report offshore accounts and from failing to remit employment taxes to improperly classifying employees as independent contractors, numerous issues can lead to substantial liability for back taxes, interest and penalties. As a result, partners need to take IRS audits seriously, and this starts with getting ready to deal with the IRS.Read More

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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