Archive by Year:2023

Defending Against IRS Allegations of ERC Fraud: What Business Owners in New Jersey Need to Know

Articles/News, Offshore Account Update

Posted in on November 30, 2023

Facing allegations of Employee Retention Credit (ERC) fraud presents substantial risks for business owners in New Jersey. Combating ERC fraud is a top priority for the Internal Revenue Service (IRS), and business owners accused of ERC fraud can face both civil and criminal penalties. As a result, for those accused of ERC fraud, presenting an effective defense needs to take precedence, and this starts with engaging an experienced New Jersey tax attorney to deal with the IRS.

Read More

Federal Court: Kraken Must Comply with IRS' “John Doe” Cryptocurrency Summons

Articles/News, Offshore Account Update

Posted in on November 17, 2023

Kraken, the well-known cryptocurrency exchange, has been ordered by a federal court to disclose customers’ personal information and transaction data to the Internal Revenue Service (IRS). The order comes after Kraken’s prolonged fight to thwart the IRS' “John Doe” summons and after several other cryptocurrency platforms have already been forced (or voluntarily chosen) to comply with similar requests.

Read More

IRS Announces Withdrawal Process for Eligible Businesses as It Continues to Target ERC Fraud

Articles/News, Hot Topics, Offshore Account Update

Posted in on October 31, 2023

Businesses that improperly claimed the Employee Retention Credit (ERC) are facing scrutiny from the Internal Revenue Service (IRS). To help businesses that unknowingly worked with fraudulent promoters and scam artists to submit improper ERC claims, the IRS has announced a process for withdrawing invalid claims before they trigger an audit or investigation. If you think your business may need to file for withdrawal, you should consult with a New Jersey tax lawyer promptly.  

Read More

The IRS Has Stopped Processing New ERC Claims. What Does This Mean for Your Business?

Articles/News, Offshore Account Update

Posted in on October 24, 2023

Earlier this year, the IRS announced that it was devoting additional resources to scrutinizing businesses’ Employee Retention Credit (ERC) claims. On September 14, 2023, it went a step further, announcing that it would stop processing new ERC claims as it focuses on uncovering and prosecuting ERC fraud.

Read More

IRS and DOJ Target Taxpayers and Promoters for Abusive Trust Schemes

Articles/News, Offshore Account Update

Posted in on October 17, 2023

The Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ) are targeting taxpayers and promoters for abusive trust schemes. While noting that promoters often push these schemes on wealthy and unsuspecting taxpayers, the IRS makes clear that taxpayers remain personally responsible for their returns, and it is working with the DOJ to prosecute all individuals who are involved in using abusive trust schemes to evade federal tax liability. As a result, many taxpayers and promoters are finding themselves in need of an experienced New Jersey tax attorney.

Read More

Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the top