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Category: Offshore Account Update - Page 8

Will My Job Alert the IRS About All of My Income?

News, Offshore Account Update

Posted in on June 30, 2023

As a U.S. taxpayer, you are required to report your income to the Internal Revenue Service (IRS). You must report your income annually, and when you file your annual tax return, you must pay any tax you owe.  

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IRS Audit Process for International Partnerships

News, Offshore Account Update

Posted in on June 16, 2023

The Internal Revenue Service (IRS) regularly audits international partnerships for federal tax compliance. But, while these audits may be routine procedures for the IRS, they present substantial risks for the partnerships that are targeted. Tax audits can lead to substantial liability, and targeted partnerships need to execute an informed and strategic defense with the help of experienced tax counsel.

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Is the IRS Monitoring My Check Cashing Location?

News, Offshore Account Update

Posted in 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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Partnership Tax Audits: The IRS' Role in the Audit

News, Offshore Account Update

Posted in 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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Penalties for Cashing Your Paycheck and Not Paying Taxes

News, Offshore Account Update

Posted in 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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