Employee Retention Credit (Employee Retention Credit Series)
The Employee Retention Credit (“ERC”) was first introduced in March 2020 to help employers retain employees through the Covid-19 pandemic. The Internal Revenue Service (“IRS”) has made it a priority to recover wrongly claimed refunds through the ERC.
Beneficial Ownership Information Report
Starting this year, most companies doing business in the US must report information about their beneficial owners (“BOI” or “BOI report”) to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is based on the Corporate Transparency Act (“CTA”)…
Target Company: Be Careful in Changing its Tax Status Preacquisition at the Insistence of the Acquiror
Target companies in mergers and acquisitions are often directed by the acquiror to change its tax classification preacquisition for U.S. tax purposes. There are several reasons that an acquiror may request the target company to
Immediate Action to Apply for the ERC – Voluntary Disclosure Program
It is important for employers who made questionable claims for the Employee Retention Credit (“ERC”) to take immediate action to determine whether the ERC Voluntary Disclosure Program (“ERC VDP”) is their best compliance option. Since the…
A Toast to 2023: Significant Developments from Klug Counsel
We would like to take this opportunity to share some exciting developments at the firm that further our commitment to provide customized services to our clients.
U.S. Taxation of U.S. Citizens Living Abroad, Including Planning Opportunities
U.S. citizens are subject to tax on their worldwide income no matter where in the world they reside.