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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
First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead. Per the linked statistics, for the average American who earned $50‒70K per year, only about half a percent of those tax returns got audited. If you made between $25‒50K or between $75‒100K, less than half a percent of those returns were under audit. Only 6.66%...Read More
Last week, the IRS released tips to help keep you on track for next year. See below for some summertime tax tips: Marital tax bliss. Newlyweds should report any name change to the Social Security Administration before filing next year’s tax return. Then, report any address change to the United States Postal Service, employers and the IRS to ensure receipt of tax-related items. Cash back for summer day...Read More
The Internal Revenue Service seized $446,000 from the bank accounts of brothers Jeffrey, Richard, and Mitch Hirsch in 2012, claiming a “structuring” violation against the owners of Bi-County Distributors Inc. for making multiple bank deposits of less than $10,000. The government never charged them with a crime, nor gave them a hearing to enable them to contest the seizure, but after intense national media attention...Read More
A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately. Both statuses can result in surprises – some pleasant and some unpleasant – for individuals who previously filed as unmarried....Read More
The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). When the Tax Cuts and Jobs Act (TCJA), aka tax reform, was passed, it imposed a $10,000 limit on the SALT deduction; this limitation had a greater impact on the residents of states that imposed the highest taxes on their...Read More
A letter from Philip L. Liberatore, CPA For better or worse, the past tax season provides you a clear picture of how the updated tax code impacts your situation. Now it’s time to use this insight to ensure you’re in the best position to effectively minimize your 2019 tax obligations. Consider the actions you can take today that will make a difference to next year’s tax bill. Have you adjusted your...Read More
On June 5, 2019, The IRS released and article urging taxpayers to be on the lookout for a spring surge of evolving phishing emails and telephone scams. The IRS is seeing signs of two new variations of tax-related scams. One involves Social Security numbers related to tax issues and another threatens people with a tax bill from a fictional government agency. Here are some details: The SSN hustle. The latest twist...Read More
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