Posted in News, Offshore Account Update on May 31, 2023
As a U.S. citizen or resident living in Virginia, you have an obligation to report your income to the Internal Revenue Service (IRS). This is true regardless of what you do with your income—whether you receive direct deposits, deposit your paychecks with your bank, or cash your paychecks as soon as you receive them.
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Posted in News, Offshore Account Update on May 19, 2023
Facing a partnership tax audit means dealing with the Internal Revenue Service (IRS). The IRS has prioritized partnership tax compliance in recent years, and audits targeting partnerships can lead to substantial liability not only for the entity but potentially for individual partners as well.
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Posted in News, Offshore Account Update on April 28, 2023
When you get a paycheck, you owe a portion of your income to the federal government. The amount you have to pay depends on how much you make, your family circumstances and a variety of other factors. But, generally speaking, if you earn a living in the United States, you must pay taxes to the Internal Revenue Service (IRS).
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Posted in News, Offshore Account Update on April 14, 2023
Partnership tax audits present substantial risks. If the Internal Revenue Service (IRS) determines that a partnership has underreported or underpaid its federal tax liability, it can impose liability for back taxes, interest and penalties. If the audit uncovers evidence of intentional tax evasion or tax fraud, auditors can also hand over the matter to IRS Criminal Investigation (IRS CI) for further inquiry and a possible referral to the U.S. Department of Justice (DOJ).
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Posted in News, Offshore Account Update on March 31, 2023
The Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) were relief programs intended to help support qualifying businesses during the COVID-19 pandemic. Unfortunately, both of these programs became targets for fraud; and, as a result, IRS Criminal Investigation (IRS CI) is now scrutinizing businesses in Virginia and other states that took advantage of these programs.
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