Tax Controversy & Financial Crimes Report

Readers Choice

July 2019

Latest from Tax Controversy & Financial Crimes Report

The IRS recently issued a news release identifying seven signs that a business’s Employee Retention Tax Credit (the “ERC”) may be incorrect. The IRS Commissioner also testified before the House Ways and Means Committee that the IRS is still receiving thousands more ERC claims per week than it is processing. The IRS Office of Chief

The IRS has announced a new Voluntary Disclosure Program (VDP) offering businesses a limited-time opportunity to repay improperly claimed Employee Retention Credits at a discount while avoiding penalties and interest. The VDP requires businesses to repay only 80% of the improper credits they received and has an application deadline of March 22, 2024.

In its most recent effort to fight fraudulent and improper Employee Retention Tax Credit (ERC) claims, on December 6, 2023, the IRS announced it will be notifying an initial group of 20,000 taxpayers that it is rejecting their claims. The IRS is issuing these disallowance letters to taxpayers who did not exist or who did

This post is authored by Nicholas Lyskin (, Kristy Caron ( and Brian C. Bernhardt (

Most appraisers don’t go to prison, and those that do, don’t go for appraising. So it’s no wonder why much has been made of the one-year prison sentence recently handed down to Walter Roberts II, an appraiser who

Fox Rothschild LLP Partner Matthew D. Lee authored an updated version of the Foreign Account Tax Compliance Act Answer Book, which provides a detailed analysis of FATCA and the requirements it imposes on foreign financial institutions (FFIs) to disclose annually information about accounts held by U.S. citizens and residents, or foreign companies in which U.S. individuals

The IRS recently announced that it will offer certain employers an opportunity to withdraw Employee Retention Credit (ERC) claims if they are concerned about their accuracy. Qualifying employers may be able to avoid future repayment, interest and penalties, but there are caveats, including that the program will not allow employers who knowingly engaged in submitting

       In Notice 2023-71, the IRS provided tax relief for individuals affected by Hamas’ terroristic action in the State of Israel beginning on October 7, 2023.  Notably, this relief is not limited to eligible taxpayers in Israel, but also extends to eligible taxpayers in the Gaza Strip and the West Bank.

       Pursuant to Notice 2023-71, the