When 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 More

Internal 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 More