Hiding In Plain Sight: How The IRS Finds Out About Misreported Income
Learn about the different ways the IRS learns about misreported, unreported, and under-reported income.
When is a Tax Attorney Better for Your Needs Than an IRS Enrolled Agent?
Learn about the different tax professionals and when you might need a tax attorney to help solve your tax problems.
FinCEN Announces Virtual Currency (Cryptocurrency) to be Subject to Foreign Bank Account Reporting (FBAR)
Up until now, holding cryptocurrency in accounts outside of the U.S. didn't garner any Internal Revenue Service reporting requirements. But after criticism from the Government Accountability Office (GAO), that time is coming to an end. This report is only the beginning of a growing trend toward m...
The IRS is Losing Billions in Uncollected Taxes Revealed by Debit and Credit Card Providers
According to a recent Treasury Department’s Inspector General for Tax Administration (TIGTA) report, the IRS is losing billions in unreported income and it has the information, reported on Forms 1099-K, that it is ignoring.
Cryptocurrency Tax Collections Ramp Up
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?
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.
