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.
Read MoreMost New Jersey residents think about taxes once a year—usually a few weeks or months before April 15. But, many taxpayers have an obligation to make quarterly estimated tax payments throughout the year. Taxpayers who fail to make estimated payments as required can face steep penalties, and they can increase their risk of facing a tax audit or investigation. Learn more from New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.
Read MoreDespite its mainstream acceptance, cryptocurrency is still closely associated with criminal enterprise. The ability to conduct transactions anonymously has made Bitcoin and other cryptocurrencies attractive to individuals and organizations seeking to keep their activities secret, and this in turn has garnered the attention of federal authorities. As New Jersey criminal tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the Internal Revenue Service’s Criminal Investigations Division (IRS CI) in particular has recently focused its efforts on targeting market participants for non-tax-related crimes.
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Hot TopicsPosted in on October 29, 2021
As the end of the year approaches, many taxpayers begin the process of preparing to file next year’s tax returns. When going through this process, some taxpayers will discover that they made mistakes in their previous filings. If you discover that you made mistakes, should you file an amended federal tax return? New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
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Offshore Account UpdatePosted in on September 17, 2021
The federal government is continuing to crack down on individuals and businesses suspected of defrauding (and attempting to defraud) the government’s COVID-19 relief programs. The Internal Revenue Service’s Criminal Investigation Division (IRS CI) has been particularly active, announcing a dozen such cases in August and September alone.
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