Washington D.C. Tax Law Blog

The Tax Cuts and Jobs Act (TCJA) meant big tax changes for 2018 tax filings. For some, the changes impacted tax withholdings. As a result, the Internal Revenue Service (IRS) encouraged taxpayers to conduct a paycheck checkup to make sure they were withholding enough funds to cover their tax obligations. Those who failed to cover […]

On August 13, 2019, the U.S. Attorney’s Office for the Northern District of Georgia issued a release reporting the federal grand jury indictment of reality television stars, Todd and Julie Chrisley. These Chrisley Knows Best stars face multiple counts of conspiracy, bank fraud, wire fraud, and tax evasion. Additionally, the Chrisleys’ accountant, Peter Tarantino, has […]

What happens if a hobby becomes more than a hobby? Maybe a brewing hobby has led to a passion and some great brews that you want to branch out and pursue brewing as a full-time career. Maybe a farming hobby brought in more of a profit than you expected and you want to shift more […]

It is not uncommon for the Internal Revenue Service (IRS) to reach out to taxpayers. This contact itself may seem like a nightmare, but taxpayers can make the situation even worse if they do not act appropriately. What is the worst thing a taxpayer could do when contacted by the IRS? The worst response is […]

On July 19, 2019, the IRS Large Business and International Division (LB&I) announced six newly approved compliance campaigns. In the Announcement, the IRS clarified that it identified the campaigns “through LB&I data analysis and suggestions from IRS employees.” One of these campaigns, Post OVDP Compliance, targets taxpayers who previously went through the Offshore Voluntary Disclosure […]

Cryptocurrency, or digital currency, is a fairly new way to conduct financial transactions. Although relatively novel, taxpayers have used digital currency like Bitcoins to purchase real estate and other tangible items, and the Internal Revenue Service (IRS) has taken notice. In response to the growing rate of these transactions, the IRS recently announced it is […]

On July 26, 2019, the IRS released IR-2019-132, stating that it has started sending out warning letters to taxpayers suspected of incorrectly reporting virtual currency transactions. The IRS noted that by the end of August, more than 10,000 taxpayers will receive these letters. The IRS clarified that these are “educational letters” which come in three […]

Going through an inheritance after a loved one dies is a difficult and emotional time. In addition to the emotional turmoil, those who are left behind must also deal with the logistics that come with the estate. In some cases, these logistics can come with unexpected legal questions. Difficult legal question: Report or follow in […]

Whenever a relatively large financial transaction occurs, it is very likely that the Internal Revenue Service (IRS) will be involved. Getting divorced? The IRS will look over the property division determination and check for errors. If so, the agency may apply applicable taxes. Win the lottery? The IRS will expect a share of the winnings? […]

The Internal Revenue Service (IRS) recently released a publication that encourages taxpayers to make the most of common summertime activities. How, you may ask, can an agency that collects money encourage summer fun? The answer: by highlighting how popular forms of summer fun can translate to tax savings. #1: Saying “I do” with summertime nuptials […]