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:

The Internal Revenue Service (IRS) is targeting businesses (and business owners) that fraudulently claimed the Employee Retention Credit (ERC). However, the IRS also acknowledges that many business owners unknowingly submitted invalid claims due to falling for fraudulent ERC filing promotion scams. As a result, it is now offering the opportunity for eligible businesses to withdraw their ERC claims before they trigger audits and investigations. Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what business owners need to know:

In a landmark decision that has far-reaching implications for taxpayers involved in Foreign Bank Account Reporting (FBAR) situations, the United States Supreme Court recently ruled in favor of taxpayers, emphasizing the importance of proper legal representation in navigating complex tax matters. These rulings underscore the necessity of retaining an experienced Virginia former IRS tax attorney to ensure the best possible outcome for taxpayers facing FBAR-related challenges.

The Internal Revenue Service (IRS) is targeting Malta pension scams in criminal tax audits and investigations. These audits and investigations present substantial risks for targeted taxpayers—including the risk of prison time in some cases.

The Internal Revenue Service (IRS) recently announced that it is targeting businesses that have improperly claimed the Employee Retention Credit (ERC). It is conducting both audits and criminal investigations focused on uncovering fraud during the 2020 and 2021 tax years.