Knowing what to disclose and why you are disclosing certain information on your tax returns is important, as these disclosures have the potential to result in penalties if reported incorrectly.
With the passing of the Corporate Transparency Act (CTA) in 2019, the Financial Crimes Enforcement Network has begun constructing new regulations to enforce the CTA's rule. This may now mean, that businesses will be required to report the "beneficial owner" of the companies.
The IRS is increasingly going after cryptocurrency owners for failure to report their crypto income, and they are doing so with new methods of investigation for tracking cryptocurrency exchanges.
If you have received an IRS audit notice, you may feel alone, but you're not. Consider having an account to help prepare and review your returns to help you understand potential catalysts for error. Hiring a tax attorney will better assist you in protecting yourself from any liability.
As we continue to work in a COVID-19 world, working from home seems to be the new normal for most people. If you have transitioned out of the office to work from home, you may be eligible for home-office deductions.
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?
You may wonder what you need to do should you ever receive a large gift from a foreign person or family member. If the gift exceeds a certain amount you may be required to report it, and could face penalties if you don't.
Unpaid tax obligations may results in a tax lien against your property may hinder you from obtaining a home loan. However, the lien does not mean you don't have options.
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.
An IRS Offer in Compromise, is a way of establishing a realistic avenue for you to pay any remaining taxes if you are struggling to pay.
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.
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.
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