IRS

From generous estimations to outright lies — what happens when you lie on your taxes? The lure of a lower tax bill or higher tax refund may tempt taxpayers to fudge the numbers on their tax return. However, such maneuvers can come with serious consequences. How serious are the consequences? Not surprisingly, the severity of […]

The Internal Revenue Service (IRS) recently announced plans to increase visits to a certain group of taxpayers. The agency’s focus includes those who meet the following criteria: 1) earnings of over $100,000 annually, and 2) failure to file income tax returns. When will the agency begin to implement this new focus? According to a recent […]

Cryptocurrency exchanges, such as Coinbase and Uphold, have begun issuing Forms 1099-Ks, Payment Card and Third Party Network Transactions, to customers. If you receive a 1099-K from a cryptocurrency exchange, then you can be assured that the IRS is fully aware of your reportable cryptocurrency transactions. This is because cryptocurrency exchanges are required to send […]

In December of 2019, the Internal Revenue Service (IRS) added two new “Frequently Asked Questions” (FAQs) on its webpage regarding the responsibilities and reporting obligations for charitable organizations that received donations in the form of virtual currencies.1 One of these FAQs imposes an appraisal requirement for large donations of virtual currencies-increasing already existing concerns that […]

Within the newly enacted Further Consolidated Appropriations Act, 2020 (FCAA) is another act-the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), which significantly changes retirement plan funding and distribution.[1]This new law increases the age at which account holders are required to take distributions from their individual retirement accounts (IRAs) from 70½ […]

Tax season is upon us. The Internal Revenue Service (IRS) began accepting tax returns on Monday, January 27. Those putting the finishing touches on their returns may wonder what the IRS looks for when reviewing returns — what exactly triggers an audit? 1) A large income. Unfortunately, the IRS is more likely to conduct an […]

Holiday decorations are stored away, New Year’s celebrations are over. Now it is time to move on to the next season of the year: tax season. It is not uncommon to look at the upcoming April 15 tax deadline with some amount of dread. You can take steps to help reduce the stress and frustration […]

On January 6, 2020, the Internal Revenue Service (IRS) released its Fiscal Year 2019 Whistleblower Report.[1]Although the report shows a decline in awards made as compared to last year, potential whistleblowers should note that the report clearly portrays an overall trend that the IRS is increasingly motivated in today’s mandatory tax whistleblower program. An important […]

The “Gig Economy”-independent workers paid for a task or project (i.e., a “gig”)- isn’t new, but it has grown exponentially over the last decade, especially with the help of smartphone-based technology. Companies like Uber, Airbnb or TaskRabbit have made it very attractive and easy for independent workers to receive payment for performing a specific gig. […]

Celebrations have finished. The new year is here. Now it is time to get back to business. One important consideration when transitioning back to work after the holiday season: tax dates. Due dates will vary depending on the tax form in question. This piece will focus on two of the more common forms, the individual […]