Offshore Account UpdatePosted on June 30, 2023
If you earn a living anywhere in the United States (or even abroad as a U.S. citizen), you are required to report your income to the Internal Revenue Service (IRS). You must also accurately calculate your federal income tax liability and pay what you owe.
Read MoreOffshore Account UpdatePosted on June 16, 2023
International partnerships with offices in Boston need to prioritize federal tax compliance. Falling at the nexus of two of the IRS’ top enforcement priorities—partnership tax and international tax—international partnerships (and their partners) can face substantial risks if they are not prepared to demonstrate strict compliance with the Internal Revenue Code, Bank Secrecy Act and other relevant federal laws during an IRS audit.
Read MoreWhen you get paid, you can’t afford to wait a few days for the bank to process your deposit. You need your funds immediately, so instead of depositing your paycheck, you cash it. This has you thinking: Do you need to keep track of your deposits to pay your taxes? Is the IRS keeping track of you? Or, can you get away with not reporting your cashed paychecks on your annual tax returns?
Read MoreInternal Revenue Service (IRS) audits can lead to substantial liability for partnerships—and ultimately for individual partners as well. Under the Bipartisan Budget Act (BBA), the IRS follows a stringent set of procedures when conducting partnership tax audits, known as the “centralized partnership audit regime.”
Read MoreWhen you earn income in the United States, you must pay a portion of your income to the government. All U.S. residents and citizens owe income reporting and tax payment obligations to the Internal Revenue Service (IRS), and Massachusetts residents must pay state income taxes as well.
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