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Category: Articles/News - Page 3

International Partnerships: What You Need to Know About the Audit Process

Articles/News, Offshore Account Update

Posted in on June 16, 2023

For international partnerships, facing a federal tax audit is a complicated and high-risk proposition. The Internal Revenue Service (IRS) is heavily focused on enforcing partnership tax compliance, and under its BBA Centralized Partnership Audit Regime, it is taking a rigorous and structured approach to examining partnerships’ returns.

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If I Cash My Paycheck, Will the IRS Find Out?

Articles/News, Offshore Account Update

Posted in on May 31, 2023

When it comes to dealing with the IRS, all taxpayers need to be careful. Unfortunately, there is a lot of misinformation out there, and if taxpayers rely on bad advice, they can find themselves facing an expensive tax audit—or even a criminal tax fraud investigation.

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Setting Expectations for Partnership Tax Audits

Articles/News, Offshore Account Update

Posted in on May 19, 2023

When preparing for a partnership tax audit, it is important to know what to expect. Successfully navigating a partnership tax audit requires careful planning and preparation, and it requires the ability to engage effectively with the Internal Revenue Service (IRS) throughout the process. With this in mind, here is an overview of what partners can (and should) expect after receiving a Notice of Selection for Examination (Letter 2205-D) from the IRS.

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Check Cashing: Are There Penalties if You Cash Your Paychecks and Fail to Pay Taxes?

Articles/News, Offshore Account Update

Posted in on April 28, 2023

When you get paid, you cash your paychecks immediately. You need every dollar to cover your expenses, and you can’t afford to wait a few days for your paychecks to clear. Is this okay? Or are you setting yourself up for problems with the Internal Revenue Service (IRS)?

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Partnership Tax Audits Preparation: Be Ready for the IRS

Articles/News, Offshore Account Update

Posted in on April 14, 2023

If you have received a Notice of Selection for Examination (Letter 2205-D), this means that the Internal Revenue Service (IRS) is preparing to audit your partnership. It also means that you need to get prepared. Dealing with an IRS partnership audit can be a time-intensive, resource-intensive and high-risk process. As a result, partnerships need to ensure that they do everything they can to minimize their risk of facing unnecessary assessments, interest and penalties.

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