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Category: News - Page 3

The IRS and DOJ are Targeting PPP and ERC Fraud with Criminal Investigations in Virginia

News, Offshore Account Update

Posted in on May 17, 2024

Paycheck protection program (PPP) and employee retention credit (ERC) fraud remain top law enforcement priorities for the federal government in 2024. The Internal Revenue Service (IRS) and U.S. Department of Justice (DOJ) are actively targeting PPP applicants and ERC claimants, and the DOJ is pursuing serious criminal charges in many cases. With this in mind, business owners and other taxpayers who have concerns about their PPP or ERC filings should consult with an experienced Virginia tax attorney as soon as possible.

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Would Your Virginia Business (or Would You Personally) Be At Risk During an IRS Audit?

News, Offshore Account Update

Posted in on April 30, 2024

Now that tax season is over, IRS audit season begins. While the IRS audits businesses (and business owners) year-round, the months after tax season are typically when we see some of the highest audit numbers of the year. So, if the IRS audits your business, would your business (or would you personally) be at risk? Learn about some key considerations from Virginia business tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group:

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Important Considerations for Virginia Businesses Targeted in IRS ERC Tax Audits and Investigations

News, Offshore Account Update

Posted in on April 12, 2024

With the Internal Revenue Service (IRS) continuing to aggressively target Employee Retention Credit (ERC) fraud in 2024, it is critical that Virginia business owners who claimed the credit have a clear understanding of the risks involved. As Virginia IRS tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group explains, allegations of ERC fraud can expose business owners to substantial penalties—including criminal penalties in some cases.

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IRS Criminal Tax Audits: When Can Taxpayers in Virginia Face Federal Charges?

News, Offshore Account Update

Posted in on March 29, 2024

The Internal Revenue Service (IRS) is ramping up its efforts to prosecute individual and corporate taxpayers for fraud and other crimes. With additional resources at its disposal, the IRS announced several enforcement priorities late last year, and press releases from the IRS’ Criminal Investigation Division (IRS CI) make clear that the agency is targeting taxpayers for a wide range of criminal offenses in 2024. Learn more from Virginia criminal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group. 

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

News, Offshore Account Update

Posted in 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.

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