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News

Category: Articles/News

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 As the IRS explains, it will treat withdrawn ERC claims “as if they were never filed,” and it will not impose penalties or interest.Read More

IRS Orders Immediate Stop to Employee Retention Credit (ERC) Processing

Articles/News, Offshore Account Update

Posted on October 24, 2023

Faced with a wave of fraudulent claims, the Internal Revenue Service (IRS) has ordered an immediate stop to the processing of all claims for the federal Employee Retention Credit (ERC). As a pandemic-era economic relief program, the ERC was only available for the 2020 and 2021 tax years, but until recently, eligible businesses that did not claim the ERC during these tax years could do so retroactively.Read More

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

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