Own Cryptocurrency? Be Prepared for a Potential IRS Audit

At the risk of spreading a fear-mongering headline — theoretically, just about any U.S. taxpayer could be audited at any point by the Internal Revenue Service — it is true that cryptocurrency owners may now be at an increased risk of an audit. Recent actions by the IRS have given us clues that it is adding capacity to examine taxpayers who may not have complied with tax reporting requirements of cryptocurrency Read More

Payroll Tax Issues When You Misclassify Workers as Independent Contractors

No one wants to be in trouble with the IRS.  Most of the time, you may not even be aware that a specific action could lead to a dispute.  One of the most common mistakes is confusing whether a worker is an employee or an independent contractor.  Sometimes the lines are blurred and it’s less clear than it should be.  Here’s how the IRS defines the two: Employee - An employee is someone who works for you and you Read More

Practical Guidance on Filing Income Taxes Jointly or Separately

If you’ve recently wed, congratulations! One of the benefits of marrying the love of your life is being able to file one tax return for both of you. Are you still wondering why it’s beneficial to now file income taxes together, though? In this blog, we’ll break it down in an easy-to-understand way, plus we’ll give some essential information on claiming a child as a dependent.  Reasons for Filing Jointly vs. Read More

Ensuring Your PPP Loan is Forgiven

In an economy that is constantly changing and shifting due to COVID-19 and subsequent stay-at-home orders, one of the more enduring programs has been the Paycheck Protection Program (PPP). Funding for the original round went quickly, with an additional round soon after and more, possibly, on the way.  For small business owners simply trying to keep afloat, there are many appealing features of the program. Even if Read More

Currency Transaction Reports: Has One Been Filed on You?

Plenty of otherwise innocent people are unaware that some of their large deposits or withdrawals to or from their bank are discreetly flagged in what is called a Currency Transaction Report (CTR). This report is completed by employees of financial institutions when cash transactions of $10,000 or more pass through the institution in some capacity. It also applies to transactions involving other negotiable instruments Read More

Owe Back Taxes?  Considering Bankruptcy?  Consider These Three Alternatives First

Many people who are facing overwhelming debt and struggling to make ends meet are aware that bankruptcy may be a way out.  Bankruptcy can be an effective solution, but it can have serious consequences and should only be taken as a last step. Bankruptcy may be your best option, especially if you have substantial consumer debt.  But bankruptcy will not always solve a person’s tax problems.  Certain types of back Read More

Tax-Related Issues Businesses May Face in Coming Months (or Weeks)

The COVID-19 pandemic, stay-at-home orders, and subsequent economic downturn has so many small businesses holding on for dear life. Unfortunately, many have already shuttered. While our firm’s focus is on helping individuals and companies resolve tax-related issues with the IRS, we want to keep entrepreneurs aware of some issues they may face in the near future. We have outlined some potential problems Read More

Ordinary and Necessary Business Expenses Explained

In these turbulent and difficult economic circumstances, nearly every business owner is leaving no stone unturned looking for ways to save money. Federal laws passed such as the Families First Coronavirus Response Act and the CARES Act contain numerous provisions that aim to help out individuals and businesses alike.  As an entrepreneur, you can also strive to make sure that you are using every tax-saving method Read More

IRS Response To Covid-19

Do you owe back taxes to the IRS?  Are you working to resolve your matter with an IRS payment plan or settlement?  Are you facing IRS collection actions such as garnishments and levies?  Are you one of the many people who are facing financial hardship due to the current COVID-19 pandemic?  If so, you may be wondering if the IRS will give you a break during this time of national crisis and staggering unemployment Read More

Mistakes the IRS Can Make

If you have ever made an error on a tax return, you know first-hand how interested the IRS will become in ensuring that you rectify the situation. Sometimes, however, the shoe is on the other foot. When the IRS does make the occasional mistake with a taxpayer, it can turn into a headache that doesn’t resolve in a timely manner. To help you understand your obligations and rights as a taxpayer, we have outlined a few Read More