IRS Issues Several Reminders for 2023 Tax Season
Articles/News, Offshore Account UpdatePosted in on January 31, 2023
Now that tax season is here, the Internal Revenue Service (IRS) is issuing several reminders for taxpayers. Errors and omissions on taxpayers' returns can lead to substantial penalties, and if an IRS audit uncovers evidence suggesting that a taxpayer has intentionally underreported or underpaid its federal tax obligations, this can lead to criminal prosecution in some cases. As a result, all taxpayers need to prioritize reporting compliance in 2023—starting with the basics.
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