If you have foreign investments or accounts, you nay be responsible for filing a Report of Foreign Bank and Financial Accounts (FBAR). Failure to file may result in civil and criminal penalties.
The IRS has begun to use "John Doe summons" in order to find out customer information for those who have cryptocurrency-related earnings. But what does this mean for crypto investors?
Criminal enforcement is up, and increasingly on the rise.
The IRS has announced that they will now be sending employees to bankruptcy proceedings to represent the IRS's interest.
Th IRS thinks of cryptocurrency as another kind of property you may own, such as a stock or a car. Therefore, you will need to report any gains or losses on your returns.
Don't wait for the IRS to tell you if you are considered a cryptocurrency broker. Waiting and failure to file the required forms can result in penalties.
Learn about the options you have for selling or refinancing your home when you have a Tax Lien on your home.
Cryptocurrency increases in popularity each day. Stay up to date with how your crypto currency holdings could potentially be used against you if you have an outstanding balance due to the IRS.
Have you received an IRS Notice of Intent to Levy? Though it seems easiest to ignore the notice, it is not recommended. By responding to the notice and seeking help, you will be able to go over the other options you have to resolve your situation.
CP 523 Notice from the IRS is to inform you that the IRs intends to terminate your Installment Agreement and Levy your assets.
CP91/CP298 Notice is the IRS alerting you to an unpaid balance due and to collect payment for that balance, the IRS intends to levy part of your Social Security benefits.
What Taxpayers Need to Know About the New IRS Memo Requiring Use of FATCA Data in Certain Collection Cases
Learn about how the Foreign Account Tax Compliance Act prevents U.S. tax payers from evading taxes.
Cryptocurrency has become increasingly popular. So much so that Congress has included tax provisions in the Infrastructure Investments & Jobs Act. The Act is currently making it's way through the legislative process and if approved could require brokers to report cryptocurrency transactions to the Internal Revenue Services.
Foreign trusts with U.S beneficiaries, or owners, are subject to reporting and tax requirements. The Second Circuit Appeals ruling makes it possible for the IRS to stack owner and beneficiary penalties on top of one another.
A Letter 531 from the IRS will inform you that an auditor has reviewed your taxes and determined that you owe additional federal income tax. The letter will inform you of the relevant tax years, the amount you owe and the auditor's report.
A CP90 is a notice for individuals, while a CP297 notice is for businesses, but the information remains the same. These notices serve as a reminder that you have an outstanding unpaid balance due for unpaid taxes. Failure to respond or pay the balance will result in the IRS seizing your assets.
A CP504 Notice is a reminder that the IRS has not received payment for an outstanding balance. The point of the notice is to allow you to resolve your debt before the IRS begins to take any action.
IRS Notice CP2000 is formally called, "Notice of Proposed Adjustments for Underpayment/Overpayment", and you must read it carefully. Receiving this notice means that there was a discrepancy made while calculating the income reported on your tax return.
Learn about what you should do if you have received an IRS Notice CP23.
A CP11 Notice is to alert you that IRS has made adjustments on your tax return, and you now have a balance due. The IRS sends this Notice when they believe you have miscalculated something on your tax return.
Learn about the different options available to you if you have received a Notice of Federal Tax Lien.
Notice CP504 is the IRS alerting you of an unpaid balance, do not ignore this notice. Ignoring this notice will result in the IRS aggressively seizing your property, assets, bank accounts etc. What you should do is pay the amount right away if you can, set up a payment plan, or contact a tax professional to discuss your options.