The Internal Revenue Service (IRS) is targeting high-income and high-wealth taxpayers in two ongoing enforcement initiatives that have netted the agency $1.3 billion over the past year. These initiatives involve auditing taxpayers suspected of non-filing or non-payment (or both), and the IRS is relying on additional resources to pursue these audits as quickly as possible. Should you be concerned, and if so, what should you do? Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The IRS Office of Promoter Investigations is targeting tax preparers, accountants and others suspected of encouraging and facilitating Employee Retention Credit (ERC) fraud. Facing scrutiny from the Office of Promoter Investigations presents substantial risks, so an informed and strategic defense is critical. Learn more from Virginia IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

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.

The Internal Revenue Service (IRS) recently issued three News Releases that are noteworthy for Virginia business owners and other taxpayers in the Commonwealth. These News Releases highlight some of the IRS’ current enforcement priorities—and the efforts it is actively undertaking to combat federal tax fraud, evasion and abuse. Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The Internal Revenue Service (IRS) recently issued a News Release highlighting its continued efforts to target invalid Employee Retention Credit (ERC) claims. The News Release states that the IRS’ ERC-related enforcement efforts have “topped more than $2 billion since last fall” and advises that “[b]usinesses should act soon to resolve incorrect claims and avoid future issues such as audits, repayment, penalties, and interest.” The IRS also used its News Release to identify several new “warning signs” for potentially fraudulent ERC claims, as Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.