The Internal Revenue Service (IRS) has faced funding cuts that have led to a decrease in staff. This, paired with the impact of the pandemic, has created an environment that, as noted in a recent piece in ProPublica, “is failing our taxpayers.” The agency is late in...
IRS’ latest crypto efforts focus on $20,000 or more in transactions
The Internal Revenue Service (IRS) has made its focus on cryptocurrency clear in recent years. The feds expect taxpayers to report and, when applicable, pay taxes on these transactions — and they are not afraid to get aggressive to gather information on who is trying...
Taxpayers beware, IRS falsely sending out delinquency notices
Lawmakers are asking the Internal Revenue Service (IRS) some tough questions. Two representatives from the tax committee are wondering why this agency is sending out delinquency notices to taxpayers when the agency has not finished processing its massive backlog of...
What happens in Vegas, doesn’t always stay in Vegas
An evening at the casino is an entertaining way to spend time. In some cases, those who stop in may leave with big winnings. Those who win at the casino may wonder if they can simply walk away with a little extra money lining their pockets, or if they need to report...
What should I know before I finalize an M&A deal?
Merger and acquisition deals (M&A) can help entrepreneurs set their businesses up for growth. These deals can allow for expansion into a new marketplace in a number of ways. Two key examples include: Physical. An M&A transaction can allow a business to expand...
Coronavirus laws trigger need to review tax returns: Part 4
Lawmakers recently passed tax laws to address the economic impact of the current coronavirus pandemic. Previous posts in this series discussed the impact of these laws on net operating losses (NOL), real estate qualified improvement property (QIP) and excess business...
Will Tax Courts offer extended deadlines?
Like many offices throughout the country, the Tax Court has closed its buildings. The move was the result of President Donald Trump’s emergency declaration due to the coronavirus pandemic. During this time, the Tax Court is holding standard mail sent to its offices....
Tips to avoid taxpayer identity theft
Taxpayer identity theft occurs when another fraudulently uses stolen personal information to get a taxpayer’s refund or stimulus check. This form of theft can be frustrating for many reasons, including the fact it can take weeks or even months to realize you are a...
New laws change rules about withdrawals from retirement accounts
There are various laws and regulations in place to help encourage taxpayers to save money towards retirement. These laws and regulations have specific rules about when the owner of a retirement account can begin taking withdrawals. A failure to abide by these rules...
How Do I Respond To An Audit?
It’s the “A word,” the term that strikes fear in the hearts of law-abiding taxpayers everywhere – and that word is audit. If you are being investigated or have been targeted for an audit of your tax return by the IRS, it is time to contact the experienced tax...
