Receiving a notice from the IRS informing you of an upcoming tax audit may seem unusual. What's more, you may feel that the information they provide is rather vague. Scammers have a lot of methods they use for impersonating legitimate entities to trick you into giving...
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New cryptocurrency regulations require more diligent tracking
Cryptocurrency has grown a following on the internet and in mainstream discourse over the last decade. It provides investors a secure, encrypted asset to speculate with and potentially make big gains. Many early fans called it the future of money and touted its...
How should you prepare for an IRS audit?
You received a notice in the mail that the Internal Revenue Service intends to audit your taxes. Now what? Having the records to support your return organized and ready may help you resolve the issues quickly and favorably. Financial records According to the IRS, a...
IRS awards new collections contracts
The Internal Revenue Service awarded contracts to three collections companies. These private collection agencies (PCA) are CBE Group, Inc., Coast Professional, Inc. and ConServe. One of the three companies will contact taxpayers with unpaid IRS bills; however, the IRS...
What are the odds of being audited by the IRS?
The IRS chooses a small number of tax returns each year to audit. Receiving an audit doesn’t necessarily mean that you did something wrong – they can audit you for no reason at all. Even so, it can be very nerve-wracking to receive an audit notice. How does the IRS...
IRS has a shortlist of common tax deduction scams
The Internal Revenue Service does a lot more than collect taxes and issues returns. One of its more helpful services is the annual “Dirty Dozen” list of tax scams. Amidst the twelve common scams is a shorter list of schemes that persuade taxpayers to engage in...
How are cryptocurrencies taxed?
You probably know someone who owns cryptocurrency, a decentralized digital coin that most people use as an investment tool. It is completely legal to own cryptocurrencies in the United States. However, you need to pay taxes every time you sell, exchange or mine a...
The IRS is ramping up staff to begin expanded business auditing
If Congress passes its proposed infrastructure plan as it stands now, the new law would include $40 billion to expand IRS audits on the wealthy and small businesses. The IRS isn’t waiting to start hiring. It’s hoping to bring in replacements for the nearly 17,000...
Will the IRS use their expanded resources to audit you?
President Joe Biden has proposed increasing the IRS’s funding by 70% in order to chase down tax avoiders and evaders. If the proposal were passed, it would be aimed at wealthier taxpayers and corporations, as they are thought to commit the most tax misconduct. If you...
SALT workarounds becoming more common
Seven states, among them California and Illinois, are set to implement legislative workarounds to skirt the restrictive State And Local Tax (SALT) deduction cap implemented by the federal government in the massive 2017 Tax Cuts And Jobs Act (TCJA). They join New York...