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The odds of getting a notification from the Internal Revenue Service (IRS) of a federal tax audit are fairly low. Recent projections estimate most individual tax filers are at about a 0.4% risk. However, certain things can increase this risk. In some cases, the...
In a recent ruling, the IRS has determined that daily fantasy sports, which allows you to renew your roster every week, is not a game of skill. Instead, the agency found that it is gambling. The good news is that, according to PLR 202042015, daily fantasy sports (DFS)...
When you run your own business from home, you face handling a multitude of responsibilities to make your business successful. One of those is reporting your yearly business expenses and income and ensuring you shield yourself from a potential audit. However, if you...
The U.S. Attorney’s Office in San Francisco has filed a $2-billion criminal tax fraud case against Houston tech tycoon Robert T. Brockman. The 39-count indictment accuses the man of using a family charitable trust based in Bermuda and other offshore accounts to...
Every year, American taxpayers underpay by approximately $440 billion or more. This is called the “tax gap.” How should the IRS address the tax gap? Although the IRS’s audit priorities remain secret, there are indications that the agency focuses on certain types of...
"Taxation is illegal," John McAfee tweeted last year. It was part of a series of tweets about not filing income tax returns, which he claimed he was not required to do. He said he hadn’t filed any tax returns in eight years. He said his “net income is negative.” He...
Virtual currencies, also known as cryptocurrencies, are treated as property for the purposes of your federal income taxes. That means that gains or losses are subject to the capital gains rules. Unfortunately, that can mean you will need to keep very detailed books....
You can call it adding insult to injury, but in this case the injuries were physical. In September 2018, York County, Pennsylvania, police responded to a shooting. Four people were involved. Robert H. had apparently gotten into a physical altercation with his wife,...