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
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 More
The 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.Read More
The Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) were federal relief programs that Congress passed at the height of the COVID-19 pandemic. While they provided much-needed relief to many small businesses, they also proved to be prime targets for fraud. The PPP produced tens of billions of dollars in fraudulent loans, and NBC published a story calling the looting of COVID-19 relief programs the “biggest fraud in a generation.”Read More
The Internal Revenue Service (IRS) recently published a News Release advising businesses that have claimed the CARES Act’s Employee Retention Credit (ERC) to carefully review their eligibility. The IRS is also warning businesses to independently assess their eligibility for the ERC when filing their taxes in 2023, noting that “promoters continue pushing ineligible people to file” for the credit when they don’t qualify.