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Archive by Month: March 2023

How Claiming the ERTC After Receiving a PPP Loan Can Lead to Criminal Tax Fraud Charges for Businesses in New Jersey

Articles/News, Offshore Account Update

Posted in on March 29, 2023

The federal Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) were supposed to serve as financial lifelines during the COVID-19 pandemic—and they did for many businesses. But, fraud under both of these programs also proved to be a significant issue, with conservative estimates putting the total cost of PPP and ERTC fraud in the tens of billions of dollars.

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IRS Continues to Target Employee Retention Credit (ERC) Fraud in 2023

Articles/News, Hot Topics, Offshore Account Update

Posted in on March 17, 2023

The Employee Retention Credit (ERC) was a limited-time credit offered to qualifying businesses for the 2020 and 2021 tax years. Unfortunately, similar to the Paycheck Protection Program (PPP) and other pandemic-relief programs, the ERC proved to be a target for widespread fraud. As a result, the Internal Revenue Service (IRS) has been scrutinizing the returns of businesses that claimed this refundable credit—and it is continuing to do so in 2023.

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