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Category: News - Page 2

5 Important Considerations for IRS Disclosures

News, Offshore Account Update

Posted in on October 18, 2024

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.

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IRS Reopens ERC Voluntary Disclosure Program While Warning of “Intensifying Audits”

News, Offshore Account Update

Posted in on August 30, 2024

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.

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7 Red Flags in IRS Penalty Audits Under the Affordable Care Act (ACA)

News, Offshore Account Update

Posted in on July 19, 2024

The Internal Revenue Service (IRS) is conducting penalty audits to enforce the Affordable Care Act’s (ACA) health insurance mandates for employers. These audits can expose employers to substantial penalties, so a strategic defense is critical. As Virginia IRS attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, building a strategic defense starts with understanding what (if anything) the IRS is likely to uncover during the audit process.

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IRS Prioritizes Fraud Enforcement as It Works Through Backlog of ERC Claims

News, Offshore Account Update

Posted in on June 20, 2024

The IRS had a backlog of approximately 1.4 million Employee Retention Credit (ERC) claims as of May 2024. This was one of several revelations that came to light when the IRS was forced to respond to a lawsuit challenging its moratorium on new ERC filings earlier this year. In its response, the IRS also made clear that it is processing pending claims “slowly and judiciously” in order to identify potentially fraudulent claims that require further scrutiny.

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Facing an IRS Criminal Tax Audit: What Are the Consequences of Making False Statements to the IRS?

News, Offshore Account Update

Posted in on May 31, 2024

When facing IRS criminal tax audits, taxpayers need to be very careful to avoid making false statements to the IRS. Knowingly and willfully making false statements to the IRS is a federal crime, and taxpayers convicted of making false statements to the IRS can face both fines and prison time. With this in mind, how can taxpayers protect themselves, and what can they do if it’s already too late to avoid making a mistake? Virginia criminal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

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