BENEFICIAL OWNERSHIP INFORMATION REPORTING
New Federal Reporting Requirement for Beneficial Ownership Information (BOI) Beginning on January 1, 2024, the Corporate Transparency Act went into effect, requiring many companies in the United States to report information about their beneficial owners, i.e., the...Swiss Private Bank Admits to Hiding Offshore Accounts, Agrees to Pay more than $122 Million to U.S.
Swiss private bank Banque Pictet et Cie SA entered into a deferred prosecution agreement with the Department of Justice, admitting to conspiring with U.S. taxpayers and others to hide more than $5.6 billion in 1,637 secret bank accounts and to conceal the income...IRS Announces Special Program for Withdrawal of Ineligible Employee Retention Credits (ERC)
Today, in an attempt to further deal with the Employee Retention Credit (ERC) refund scams, the IRS announced a new process for withdrawal of inappropriate ERC claims. This new withdrawal option allows certain employers that filed an ERC claim but have not yet...Non-Payment of Payroll Taxes Can Lead to Serious Legal Problems
Civil and criminal employment tax enforcement is one of the top priorities for the IRS and the Department of Justice.