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News and Events

Category: News

IRS Audits Targeting Virginia Businesses: Issues, Risks and First Steps

Posted in News, Offshore Account Update on March 15, 2024

The Internal Revenue Service (IRS) is devoting additional resources to auditing businesses in 2024. IRS business tax audits present several risks, and targeted businesses must work with experienced tax counsel to make informed and strategic decisions during the audit process. Read More

7 “Suspicious Signs” for Fraudulent ERC Claims According to the IRS

Posted in News, Offshore Account Update on February 29, 2024

The Internal Revenue Service (IRS) recently issued a News Release in which it encourages eligible businesses to take advantage of the limited-time Employee Retention Credit Voluntary Disclosure Program (ERC VDP). Filing under the ERC VDP, which is open until March 22, is an option for businesses that improperly received refunds under the Employee Retention Credit program. Those who have filed but have not yet received refunds must consider filing for withdrawal instead. Read More

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

The U.S. House of Representatives has passed a bill aimed at preventing and combating fraud under the pandemic-era Employee Retention Credit (ERC) program. If passed, the bill would extend the statute of limitations for imposing ERC-related assessments while increasing the penalties for promoters of fraudulent ERC filing schemes. Read More

Read This BEFORE You File an Application Under the IRS' ERC Voluntary Disclosure Program

Posted in News, Offshore Account Update on January 31, 2024

The Internal Revenue Service (IRS) launched a limited-time Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) in January 2024. Businesses that improperly claimed the ERC currently have until March 22, 2024 to file applications under the program. Those that submit successful applications can avoid interest and penalties while repaying just 80 percent of their invalid refunds. Read More

IRS Opens Limited-Time ERC Voluntary Disclosure Program After Sending 20,000 Disallowance Letters to Businesses

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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