Internal Revenue Service (IRS) investigations present serious risks, and once IRS agents have raided your home or office, you only have a limited amount of time to defend yourself before the IRS seeks an indictment. With this in mind, find out what you need to do in the aftermath of an IRS raid from Virginia criminal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.  

If you have lingering concerns about your business’ Paycheck Protection Program (PPP) or Employee Retention Credit (ERC) filings, you are not alone. Numerous businesses submitted improper ERC and PPP claims during and after the COVID-19 pandemic. Whether an improper claim was intentional or inadvertent, it can lead to serious consequences, and the Internal Revenue Service (IRS) is continuing to target ERC and PPP fraud heading into 2025. Learn more from Virginia criminal tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

If you own offshore accounts with an aggregate value of $10,000 or more, you are required to report all of your offshore accounts to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) using the Report of Foreign Bank and Financial Accounts (FBAR). The Internal Revenue Service (IRS) enforces FBAR compliance, and filing an inaccurate or delinquent FBAR can lead to steep IRS-imposed penalties.

If you are behind on your federal tax filing or payment obligations, disclosing the deficiency to the IRS could be your best option. The alternative is to risk facing an audit or investigation—which can substantially increase the costs of noncompliance. But, before you disclose your tax law violation to the IRS, there are several important factors to consider, as Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The Internal Revenue Service (IRS) recently announced that it is reopening the Employee Retention Credit (ERC) Voluntary Disclosure Program through November 22, 2024. But, in its announcement, the IRS also warns of “intensifying audits” targeting ERC fraud, and it makes clear that submitting a voluntary disclosure application does not guarantee protection against facing an audit or investigation. With this in mind, should you consider submitting a voluntary disclosure application? Learn about some important considerations from Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.