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Category: Articles/News

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

IRS CI Continues To Target PPP Loan Fraud in 2023

Articles/News, Offshore Account Update

Posted on January 20, 2023

While it has been more than a year and a half since the Paycheck Protection Program (PPP) ended, the program is still making headlines. The PPP initially made headlines due to the unprecedented pace of its rollout and its positive impacts on the country’s struggling economy at the height of the COVID-19 pandemic. But, in 2023 it is making headlines for an entirely different reason.Read More

What Employers in Massachusetts Need to Know about the Employee Retention Credit in 2022

Articles/News, Offshore Account Update

Posted on July 22, 2022

With businesses struggling to stay open—and with employees struggling to keep their jobs—during the height of the COVID-19 pandemic, Congress established several short-term relief programs in 2020. One of these programs was the employee retention credit. Eligible businesses could claim this refundable credit in order to offset their payroll costs, helping them continue to provide jobs despite their declining revenues.Read More

IRS Targets Abusive Trust Arrangements in Estate Planning

Articles/News, Offshore Account Update

Posted on March 31, 2022

Tax planning is a key aspect of estate planning, especially for high-net-worth individuals and couples. When using trusts to mitigate estates’ and beneficiaries’ tax liability, however, estate planners need to be careful. Tax mitigation strategies can go too far, and the Internal Revenue Service (IRS) has recently targeted estate planners, their clients and others for Internal Revenue Code violations related to “abusive trust tax evasion schemes.” Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

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