Offshore Account UpdatePosted in on June 16, 2023
Partnerships with foreign partners are subject to several federal tax requirements that do not apply to other types of businesses. For example, as the Internal Revenue Service (IRS) explains, in addition to filing an annual partnership tax return, “[p]artnerships . . . with foreign partners . . . could be responsible for [a] FIRPTA withholding, NRA withholding, and partnership withholding under sections 1446(a) and 1446(f) of the Internal Revenue Code (IRC).”
Read MoreOffshore Account UpdatePosted in on May 31, 2023
If you receive a paper paycheck from your employer instead of a direct deposit, you have two primary options: (i) you can deposit the check into your bank account, or (ii) you can cash your paycheck and get access to your funds immediately.
Read MoreOffshore Account UpdatePosted 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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Offshore Account UpdatePosted 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.
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Offshore Account UpdatePosted 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.
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