Offshore Account UpdatePosted 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.
Read MoreOffshore Account UpdatePosted 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.
Read MoreOffshore Account UpdatePosted 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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