House Passes Bill Aimed at Preventing and Combating Employee Retention Credit (ERC) Fraud in 2024
Posted in News, Offshore Account Update on February 16, 2024
Posted in News, Offshore Account Update on February 16, 2024
Posted in News, Offshore Account Update on January 31, 2024
Posted in Hot Topics, News, Offshore Account Update on January 12, 2024
The Internal Revenue Service (IRS) is pulling out all the stops to mitigate taxpayer losses under the pandemic-era Employee Retention Credit (ERC) program. With an estimated $2 trillion in fraudulent claims filed, the IRS is targeting both businesses that received fraudulent refunds and businesses that still have fraudulent ERC claims pending. As Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, all business owners who claimed the ERC need to ensure that they are making informed decisions in 2024:
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