Archive by Year:2023 - Page 2

5 Issues that Can Trigger COVID-19 Pandemic Fraud (PPP and ERC Fraud) Investigations

Articles/News, Offshore Account Update

Posted in on September 29, 2023

Allegations of COVID-19 pandemic fraud can expose companies and individuals to significant penalties. This includes allegations of fraud under the Paycheck Protection Program (PPP) and Employee Retention Credit (ERC) program. With hundreds of billions of dollars potentially lost to fraud during the pandemic, federal authorities are now working to recoup taxpayers’ losses and hold bad actors accountable.

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Are You At Risk for an IRS Puerto Rico Act 60 Criminal Tax Audit?

Offshore Account Update

Posted in on September 15, 2023

The Internal Revenue Service (IRS) has announced that it is targeting high-income taxpayers who claim exemptions from federal income tax liability under Puerto Rico Act 60. Not only is the IRS targeting taxpayers for civil enforcement, but it is also pursuing criminal tax evasion charges in some cases.

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The Need for an Experienced New Jersey Former IRS Tax Attorney: United States Supreme Court Decides for United States Taxpayers!

Hot Topics

Posted in on September 1, 2023

The landscape of tax law is complex and ever-evolving, and recent legal developments have brought significant relief to taxpayers entangled in Foreign Bank and Financial Accounts (FBAR) reporting situations. In a surprising decision, the U.S. Supreme Court has ruled for the U.S. taxpayers and at the same time, has highlighted the importance of seeking expert tax legal counsel, specifically from an experienced New Jersey tax attorney. This blog post examines the Supreme Court's ruling, its implications for taxpayers, and the invaluable role a seasoned NJ tax attorney plays in navigating the intricate terrain of FBAR reporting.

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Is the IRS Still Targeting ERC Fraud in 2023?

Articles/News, Offshore Account Update

Posted in on August 31, 2023

The Employee Retention Credit (ERC) was one of multiple federal programs that served as a financial lifeline to many businesses during the COVID-19 pandemic. By providing refundable credits to eligible businesses, the ERC helped many businesses stay afloat while also continuing to support their employees.

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Maltese Pension Plan Tax Fraud is a Priority for the IRS in 2023

Articles/News, Hot Topics, Offshore Account Update

Posted in on August 11, 2023

The Internal Revenue Service (IRS) is cracking down on taxpayers who use Maltese pension plans to avoid federal income tax liability. Signed in 2011, the U.S.-Malta Tax Treaty opened a loophole that allowed (or at least arguably allowed) taxpayers to contribute appreciated assets to Maltese personal retirement plans and then take staggered tax-free distributions.

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