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Get Ready for Taxes: Get ready today to file 2019 federal income tax returns The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. To that end, a special page, newly updated and available on IRS.gov, outlines...Read More
Article Highlights: Coinbase Disclosure IRS Compliance Letters New 1040 Question Reporting under Penalty of Perjury Treated as Property Employee Payments Independent Contractor Income Information Reporting New IRS Guidance Back in 2018, Coinbase, a company handling virtual currency (also referred to as cryptocurrency) transactions, released the data of 14,000 of its users to the IRS after the information was...Read More
Tax problems aren’t just a worry that hang over people’s heads from January through April every year. Many of them go far beyond the numbers that you report, and they can require additional evidence that your bank statements and paychecks can’t provide. Additionally, the IRS isn’t the only source of those problems: state tax authorities are hungry for revenue, and if you divide your time among...Read More
Gifts Charitable Gifts Business Ventures SEC Registration Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised is taxable depends upon the...Read More
With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency. Here are some details about the property lien scam that will help taxpayers recognize it: This scheme involves a letter threatening an IRS lien or levy. The scammer mails the letter to a taxpayer. The...Read More
If you have unpaid taxes that you haven’t yet been making payments toward, it might make you fearful that the IRS will come a-knocking one day to collect on what you owe. Tax debt can quickly snowball from interest, penalties, late fees, and the amount of the taxes due. However, a lot of the scaremongering surrounding the IRS is largely sensationalized in media and daily conversation. Agents won’t come...Read More
Don’t be fooled. The IRS will never send you any unsolicited email or email you about the status of your tax refund. Opens a New Window. Officials this month warned taxpayers to watch out for a new scam after receiving an uptick of reports about unsolicited emails from imposters claiming to represent the IRS. Some of the recent scam emails included subject lines like “Automatic Income Tax Reminder” or...Read More
Article Highlights: IRS Focus About Cryptocurrency Tax Treatment IRS Compliance Program Letters Being Sent If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so focused on this issue that it recently issued warning letters to over 10,000...Read More
The IRS is cracking down on fake letters being sent out to people across the nation. “Aside from the phone calls, the phishing, now the letters,” said Irma Trevino, who works with the IRS in Harlingen. Fake tax letters are popping up in people’s mailboxes. “The thieves don’t rest, they are trying to get you any way they can,” said Trevino. Trevino says the IRS is getting more and more calls...Read More
The United States Internal Revenue Service (IRS) is sending letters to crypto investors to apparently scare them into accurately reporting their crypto-related income. “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” IRS Commissioner Chuck Rettig said in a statement. “The IRS is expanding our...Read More
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