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Learn about the different tax professionals and when you might need a tax attorney to help solve your tax problems.

If you’re financially unable to pay your taxes, you may qualify for the IRS to assign your account to “currently not collectible” (CNC) status. CNC is the IRS status assigned to debts that it deems the taxpayer unable to pay, deferring you from wage garnishment or levies on your bank accounts.

Can the IRS Collect from a Decedent's Estate? When a loved one dies, their debts don't disappear, and that includes debts and taxes owed to the Internal Revenue Service. The estate administrator must settle the debts, including back taxes owed to the IRS and any taxes owed for the current year t...

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...

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.

Cannabis related businesses face special tax challenges, which can in part be alleviated through proper deduction of costs of goods sold (COGS).

Previously abused IRS streamlined procedures have been amended to prevent penalty avoidance by those who purposefully failed to report foreign assets.

Payroll tax avoidance can result in substantial personal liability, and in some cases even imprisonment. Business owners should consult with tax counsel to discuss the proper payment of payroll taxes to minimize fines and other unintended consequences.

Tax counsel can assist business owners in utilizing COVID relief options provided by the IRS to fulfill their current tax obligations.

Assets held in foreign countries can result in unintended penalties if left unreported or reported inaccurately. Proper Foreign Bank Account Reporting (FBAR) is essential to avoiding penalties and fines from the IRS.

The IRS's Criminal Investigation Division (CID) works with other areas of the IRS to uncover fraud and income earned from illegal activities. This cooperation resulted in the IRS's CID uncovering $10 billion in tax fraud financial crimes for the 2020 fiscal year.

City-based speculative builder taxes allow Arizona cities to tax improved real property upon its sale, with limited exceptions.

California rapper "Nuke Bizzle" faces 22 years in prison after creating a YouTube music video about defrauding the California unemployment system for almost $1.2 million.

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.

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.

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).