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Category: Offshore Account Update

5 Common Allegations in COVID-19 Pandemic Fraud (PPP and ERC Fraud) Investigations

Offshore Account Update

Posted on September 29, 2023

The Internal Revenue Service (IRS) and other federal agencies are continuing to target COVID-19 pandemic fraud in 2023. This includes primarily (though not exclusively) fraud under the Paycheck Protection Program (PPP) and Employee Retention Credit (ERC) program. As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, allegations in these cases can take a variety of forms—and they can expose targets to civil or criminal prosecution depending on the circumstances involved.Read More

IRS Targets Puerto Rico Act 60 with Criminal Tax Audits

Offshore Account Update

Posted on September 15, 2023

The Internal Revenue Service (IRS) is cracking down on U.S. taxpayers who move to Puerto Rico—and who move their businesses to Puerto Rico—in order to avoid federal tax liability. While Puerto Rico Act 60 (formerly Acts 20 and 22) allows individuals and businesses that reside in the U.S. territory to achieve substantial tax savings, the IRS is focusing on individuals and businesses that claim the benefits of Puerto Rico Act 60 without meeting the law’s requirements.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

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

Can You Be Prosecuted for PPP Fraud if You Didn’t Obtain a Loan?

Offshore Account Update

Posted on July 31, 2023

With “at least” 70,000 Paycheck Protection Program (PPP) loans showing signs of fraud and the total cost of fraud under the program exceeding $80 billion, federal authorities are carefully scrutinizing loan recipients’ applications and forgiveness certifications. But loan recipients aren’t the only ones under the microscope. Federal authorities are scrutinizing unsuccessful applications as well, and the U.S. Department of Justice (DOJ) has filed charges against several individuals that failed to obtain PPP loans through fraud.

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