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)?

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.