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:

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.

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. 

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.

The Internal Revenue Service (IRS) recently issued a News Release in which it encourages eligible businesses to take advantage of the limited-time Employee Retention Credit Voluntary Disclosure Program (ERC VDP). Filing under the ERC VDP, which is open until March 22, is an option for businesses that improperly received refunds under the Employee Retention Credit program. Those who have filed but have not yet received refunds must consider filing for withdrawal instead.