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Category: Offshore Account Update

IRS Business Tax Audits: Protecting Your New Jersey Business (and Yourself) in 2024

Offshore Account Update

Posted in on March 15, 2024

The Internal Revenue Service (IRS) relies heavily on its audit authority to hold businesses accountable for underreporting and underpaying their federal tax obligations. With additional resources at its disposal, the IRS has announced plans to increase its audit rate in 2024, and it has specific plans to target businesses for income tax fraud, employment tax fraud, Employee Retention Credit (ERC) fraud, and other corporate tax law violations. For companies that find themselves in the IRS’s crosshairs, engaging an experienced New Jersey business tax lawyer is a key first step toward achieving a favorable outcome.

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7 Signs Business Owners Should Consider ERC Voluntary Disclosure or Withdrawal (According to the IRS)

Offshore Account Update

Posted in on February 29, 2024

The IRS’ Employee Retention Credit Voluntary Disclosure Program (ERC VDP) closes on March 22, 2024. With the filing deadline less than a month away, the IRS is encouraging all business owners to carefully review their ERC filings and determine whether a voluntary disclosure (or withdrawal) is warranted. As New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, while businesses that received improper refunds are allowed to repay just 80% of their refunds under the ERC VDP, those that haven’t yet received their refunds must withdraw their claims entirely.

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Tax Relief for American Families and Workers Act of 2024 Seeks to Close Employee Retention Credit (ERC) Program While Increasing Risks of ERC Fraud

Offshore Account Update

Posted in on February 16, 2024

A law pending before Congress would close the Employee Retention Credit (ERC) program early while also increasing the risks for businesses and promoters accused of ERC fraud. The Tax Relief for American Families and Workers Act of 2024 passed the House on January 31 by a vote of 357-70 and is expected to receive similar support in the Senate. Here, New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what business owners and promoters need to know.

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What New Jersey Business Owners Need to Know About the IRS' ERC Voluntary Disclosure Program

Offshore Account Update

Posted in on January 31, 2024

The Internal Revenue Service (IRS) opened its much-anticipated Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) in January 2024. The ERC-VDP is currently set to close on March 22, so eligible business owners only have a limited amount of time to decide whether to file. Here, New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the key factors business owners should consider when deciding whether to take advantage of the ERC-VDP.

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ERC Updates: IRS Sends “Initial Round” of Disallowance Letters and Opens Limited-Time Voluntary Disclosure Program

Offshore Account Update

Posted in on January 12, 2024

As the IRS continues to combat an estimated $2 trillion in fraudulent Employee Retention Credit (ERC) claims, it is targeting businesses that improperly claimed the credit through various means. After establishing a withdrawal process for pending claims in October 2023, the IRS sent an “initial round” of disallowance letters in December, and it opened a limited-time ERC Voluntary Disclosure Program (ERC-VDP) a few weeks later.

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