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Trying to hide money from the IS by lying, never ends well, and cryptocurrency is no exception. As a result of being identified for Bitcoin laundering, Russian-Swedish administrator Roman Sterlingov of Bitcoin Fog, was arrested and charged with laundering hundreds of millions of dollars worth of bitcoin. In the end, a lesson to be learned is that one should not try to hide cryptocurrency from the IRS, as blockchain activity is forever.

Receiving a collections notice from the IRS can add stress to an already stressful situation. As it turns out, if the IRS learns that you cannot make your payments against your debt, they may determine your account to be 'currently not collectible'. While this does not eliminate your debt, it simply means collection efforts will be in vain.

While it may seem that IRS rules and regulations are always black and white, that is not usually the case, much is often left open for interpretation. This post will introduce you to a tool that can be used to protect yourself from accuracy-related tax penalties.

Money issues are the third leading cause of divorce, so hiding a tax problem or money issue could mean serious damage for your marriage. But these issues don't have to mean the end of your marriage, here are some Do's and Don'ts to protect your marriage and keep the trust between you and your spouse.

Learn about the appropriate time to hire a tax attorney to assist you with an IRS collection matter.

Learn about the different ways the IRS learns about misreported, unreported, and under-reported income.

Is your spouse liable for tax debt? Find out whether you might be liable as well, and what your options are to address it.

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.