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Category: Articles/News

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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5 Common Tax Mistakes to Avoid (or Correct) in 2023

Articles/News, Offshore Account Update

Posted in on February 28, 2023

Tax mistakes are common. But that does not make them okay. Taxpayers who make mistakes can face audits, interest and penalties, and these can all substantially increase the cost of federal income tax compliance.

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Common International Tax Issues for New Jersey Residents Working Abroad

Articles/News, Offshore Account Update

Posted in on February 17, 2023

If you are a New Jersey resident but you spend time working abroad, it is important to make sure you have a clear understanding of your obligations to the Internal Revenue Service (IRS). While U.S. citizens working abroad can exclude foreign-earned income from their taxable income in some circumstances, reporting and payment violations are common—and these violations can trigger IRS audits and steep penalties.

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IRS Issues Several Reminders for 2023 Tax Season

Articles/News, Offshore Account Update

Posted in on January 31, 2023

Now that tax season is here, the Internal Revenue Service (IRS) is issuing several reminders for taxpayers. Errors and omissions on taxpayers' returns can lead to substantial penalties, and if an IRS audit uncovers evidence suggesting that a taxpayer has intentionally underreported or underpaid its federal tax obligations, this can lead to criminal prosecution in some cases. As a result, all taxpayers need to prioritize reporting compliance in 2023—starting with the basics.

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2023 FBAR and FATCA Compliance: Offshore Account Disclosure Rules Remain Unchanged from Last Year

Articles/News, Offshore Account Update

Posted in on January 20, 2023

The rules for FBAR and FATCA compliance are remaining unchanged for 2023. This means that U.S. taxpayers who own offshore accounts must assess their filing obligations as they have in years past, and they must file an FBAR, IRS Form 8938 or both if the aggregate value of their offshore accounts exceeds the relevant disclosure threshold(s).

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