On October 19, 2023, the Internal Revenue Service (IRS) announced a process for businesses to withdraw their Employee Retention Credit (ERC) claims. The announcement comes just over a month after the IRS placed a moratorium on new filings due to concerns about widespread ERC fraud. Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what business owners need to know:
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Offshore Account UpdatePosted in on October 24, 2023
On September 14, 2023, the Internal Revenue Service (IRS) announced a moratorium on processing new Employee Retention Credit (ERC) claims. In its News Release, the IRS stated that the moratorium is due to “rising concerns about a flood of improper Employee Retention Credit claims,” which have largely been triggered by scammers aggressively promoting fraudulent ERC “programs” to unsuspecting business owners.
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Offshore Account UpdatePosted in on August 31, 2023
The Employee Retention Credit (ERC) program is one of several federal relief programs that saw high levels of fraud during the COVID-19 pandemic. While the ERC is still available for eligible businesses to claim retroactively, the Internal Revenue Service (IRS) and other federal authorities are actively targeting ERC fraud in 2023.
Read MoreNewsPosted in on July 17, 2023
Kevin E. Thorn, Managing Partner of Thorn Law Group, was recently interviewed on Fox 5 following the announcement that Hunter Biden will plead guilty to misdemeanor tax charges. During the interview, Mr. Thorn shared his insights into the process behind the government’s plea deal negotiations and the factors that will go into the judge’s decision of whether to approve the deal.
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Offshore Account UpdatePosted in on April 28, 2023
If you live and work in the United States, you have an obligation to pay income taxes to the federal government. There are no exceptions, and the Internal Revenue Service (IRS) aggressively enforces all citizens’ and residents’ tax payment obligations.
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