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Category: Offshore Account Update - Page 5

Partnership Tax Audits: What To Expect (and What Not to Expect) from the IRS

Offshore Account Update

Posted in on May 19, 2023

The Internal Revenue Service (IRS) regularly audits partnerships’ tax returns. For partnerships that have underpaid their federal tax liability, these audits can lead to substantial liability. They can also lead to scrutiny of individual partners’ returns in many cases.

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What Are the Penalties if You Cash Your Paychecks and Don’t Pay Taxes?

News, Offshore Account Update

Posted in on April 28, 2023

If you live and work in the United States, you have an obligation to pay income taxes to the federal government. There are no exceptions, and the Internal Revenue Service (IRS) aggressively enforces all citizens’ and residents’ tax payment obligations.Read More

Partnership Tax Audits: Preparing to Deal with the IRS

News, Offshore Account Update

Posted in on April 14, 2023

Is the Internal Revenue Service (IRS) auditing your partnership? If you have received a Notice of Selection for Examination (IRS Letter 2205-D), you need to be prepared. IRS partnership audits can present substantial risks, and Partnership Representatives must work closely with the partnership’s counsel to execute a strategic defense.Read More

Did Your Business Claim the Employee Retention Credit After Receiving a PPP Loan?

News, Offshore Account Update

Posted in on March 31, 2023

The federal Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) provided much-needed financial lifelines to many small businesses during the COVID-19 pandemic. They also proved to be prime targets for fraud. Fraud under these programs cost U.S. taxpayers tens of billions of dollars, and now the Internal Revenue Service (IRS) and its Criminal Investigation division (IRS CI) are working to claw back as much of this money as possible.Read More

IRS: Businesses that Claim the ERC Credit Are Under the Microscope

Hot Topics, News, Offshore Account Update

Posted in on March 17, 2023

The Internal Revenue Service (IRS) recently announced that it is continuing to target businesses that have claimed the Employee Retention Credit (ERC). The ERC was a limited-time credit offered to qualifying businesses under the CARES Act for the 2020 and 2021 tax years. According to an IRS News Release, the agency has identified widespread fraud related to the ERC, and, as a result, it is “actively auditing and conducting criminal investigations related to these false claims.”Read More

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