When 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.
Read MoreThe Internal Revenue Service (IRS) routinely audits partnerships for all forms of tax compliance. From underpaying income tax to failing to report offshore accounts and from failing to remit employment taxes to improperly classifying employees as independent contractors, numerous issues can lead to substantial liability for back taxes, interest and penalties. As a result, partners need to take IRS audits seriously, and this starts with getting ready to deal with the IRS.
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