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.

According to the Internal Revenue Service’s (IRS) 2024 Financial Report, the agency collected $98.7 billion in enforcement revenue over the past year. While this is a substantial sum, it represents just a fraction of the federal tax gap—the difference between what U.S. taxpayers pay and what they actually owe. As a result, the IRS is looking to collect even more in 2025, and with additional funding under the Inflation Reduction Act, it has several plans for doing so. Learn more from Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

The Internal Revenue Service (IRS) has established a new pass-through field operations unit that will focus specifically on auditing partnerships, S-corporations, limited liability companies (LLCs), trusts and other pass-through entities in 2025 and beyond. While this new field operations unit will be prioritizing high-income taxpayer compliance, the IRS has made clear that it will be working to “ensur[e] compliance of pass-throughs of every size and form.” Learn more from Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

The Internal Revenue Service (IRS) has established a new pass-through field operations unit that will focus specifically on auditing partnerships, S-corporations, limited liability companies (LLCs), trusts and other pass-through entities in 2025 and beyond. While this new field operations unit will be prioritizing high-income taxpayer compliance, the IRS has made clear that it will be working to “ensur[e] compliance of pass-throughs of every size and form.” Learn more from Virginia tax attorney 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.