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 MoreHot TopicsPosted 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.
Read MoreThe 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.
Read MoreThe 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.
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