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Cryptocurrency Tax Collections Ramp Up

Posted by Brandon Keim | Nov 18, 2020 | 0 Comments

Some cryptocurrency traders have made figurative killings with their investments. The world of cryptocurrency investment and speculation indeed has an otherworldly sense to it, both because of the unique nature of cryptocurrency and its roller-coaster rides for investors. Tax law, though, doesn'...

How Should You Report Your Lost or Stolen Cryptocurrency for Tax Purposes?

Posted by Brandon Keim | Jun 10, 2020 | 0 Comments

Although the IRS provided cryptocurrency guidance recently in when it issued Revenue 2019-24, there are still many questions that remain unanswered by IRS guidance. Among the questions unanswered include how one should report cryptocurrency that is lost or stolen. Generally, there are three potential reporting options by individuals, and because of the 2017 tax act, classifying these losses as an abandonment loss is likely to result in the most favorable taxpayer treatment.

The IRS Breaks Its Silence on Cryptocurrency and It Isn’t Good News

Posted by Brandon Keim | Jan 18, 2020 | 0 Comments

After nearly five years, the IRS has finally broken its silence on cryptocurrency by issuing Revenue Ruling 2019-24, which provides some clarification regarding the tax treatment of cryptocurrency. This article summarizes what the IRS has told us and notes those items that still have not been addressed by the IRS. If you are involved in cryptocurrency investments, purchases, sales, or mining operations, these details are important because, as previously discussed, the IRS and United States Treasury Department are auditing taxpayers whom they believe to be involved in cryptocurrency, and the IRS has frequently warned that it intends to pursue criminal prosecution of those taxpayers that do not accurately disclose their cryptocurrency transactions.

I received a letter from the IRS regarding my cryptocurrency (virtual currency). Now what?

Posted by Brandon Keim | Jul 25, 2019 | 0 Comments

The IRS now has information regarding U.S. individuals who have cryptocurrency and are sending out automated letters to these individuals. The letter from the IRS is numbered Letter 6174-A, and it states, “We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transaction involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.” In summary, if you invested in a cryptocurrency, or have a mining operation, you should be on the lookout for correspondence from the IRS regarding your involvement and make sure that you have properly reported all your income from virtual currency sources, including information returns (W-2s, 1099s).

Taxing Issues for Divorcing Parents: Dependent Exemptions, Head of Household Filing Status, Dependent Care Credit, Child Tax Credit, and Higher Education Tax Credits

Posted by Brandon Keim | Jan 16, 2019 | 0 Comments

The Tax Cuts and Jobs Act of 2018 made significant changes to the Tax Code, including child-related tax issues. If you are going through a divorce, be sure that your family law attorney is aware of Dependent Exemptions, Head of Household, Dependent Care Credit, Child Tax Credit, and Higher Education Tax Credits to ensure that you are properly represented during divorce. Merely addressing these issues in a divorce decree is not enough because rarely does the Tax Code respect the provisions of the divorce decree. Instead, you must ensure that you have taken the necessary steps to meet the requirements in the Tax Code.

The Importance of Designated Payments When Your Business Owes Employment Taxes

Posted by Brandon Keim | Nov 25, 2018 | 0 Comments

Does your business have unpaid employment tax liabilities? If you answered yes, it is important to consider designating voluntary payments towards trust fund taxes. Designating payments costs you nothing, and helps you avoid personal liability. If you do not designate your payments, the IRS will apply the payments in a manner that is least beneficial to you.

Do you have a legal obligation to file an amended income tax return?

Posted by Brandon Keim | Nov 18, 2018 | 0 Comments

You’ve recently discovered an error on your income tax return. Do you have a duty to notify the IRS? Generally, no, you have no legal obligation file an amended income tax return, but in some circumstances, it may be beneficial to file an amended income tax return. However, taxpayers should carefully consider whether to file an amended income tax return, and if they decide to file one, they should time the filing carefully.

The Qualified Offer: An Important Tool When Litigating Against the IRS

Posted by Brandon Keim | Feb 19, 2018 | 0 Comments

If you find yourself in litigation with the IRS, or in the middle of an administrative dispute that seems to be going nowhere, it’s time to consider a taxpayer’s best friend: the qualified offer. The qualified offer provisions allow taxpayers to recover fees and costs when the IRS rejects a settlement offer, and the taxpayers win a determination that requires a lesser amount than the offer.

How Can I Get Rid of Tax Penalties?

Posted by Brandon Keim | Jan 07, 2018 | 0 Comments

Our tax system is based on voluntary reporting, and the Tax Code is full of different penalty provisions to encourage accurate voluntary reporting by penalizing those that do not. Even if all you did was fail to timely file your return and timely pay the amount shown on your return, you could be facing penalties of as much as 45% of the tax that you owe. But don’t despair; there are several ways to alleviate penalties. This article will focus on the three most common penalties: failure to file, failure to pay, and accuracy-related penalties.

New Year, New Alimony Tax Rules

Posted by Brandon Keim | Jan 04, 2018 | 0 Comments

The Tax Cuts and Jobs Act is the first significant tax reform effort by Congress in more than 30 years, and it repeals the deduction for alimony and separate maintenance payments starting in 2019. Learn about the new changes and account during 2018.

IRS to Refocus Efforts on Traditional Tax Crimes

Posted by Brandon Keim | Dec 17, 2017 | 0 Comments

The IRS has a new Chief in charge of its Criminal Investigations division, and that means a renewed focus on traditional tax crimes (overstating deductions, underreporting income), and a new data-drive approach that will mean more tax crime investigations in Phoenix, and the surrounding cities.

IRS Passport Certifications: If you owe more than $50,000, the IRS now has the power to certify you for passport revocation!

Posted by Brandon Keim | Nov 05, 2017 | 0 Comments

If you owe more than $50,000 in tax liabilities, the IRS now has the power to certify you to the State Department for passport revocation, and it is starting soon! This article addresses this new power of the IRS, the criteria to be certified, the right to judicial review of the IRS certification, and how you can avoid being certified, and thus, prevent the State Department from revoking your passport.

The IRS is Coming for Your Data. Are you ready?

Posted by Brandon Keim | Oct 08, 2017 | 0 Comments

If you are involved in a tax controversy with the IRS, you should expect that that the IRS will want your electronically stored information (ESI) and it will summons it. This article explains what ESI is, why it matters, what powers the IRS has to get it from you, and what you should do about it.



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