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Category: IRS

The IRS Is Focusing on Virtual Currencies or Cryptocurrencies, Such as Bitcoin, Ethereum, and Dogecoin

Posted in commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021

In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.   Since the IRS classifies cryptocurrencies like stocks and other investments, not cash or currency.  Therefore,… (Keep reading)

Opportunity for Year End Tax and Asset Planning

Posted in asset protection,commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021

First thing, of course, is be prepared.  I tell everyone who will listen to do their financial and or tax planning on a monthly if not weekly basis.  This will allow you to know where you stand financially and what taxes you owe at that moment so you can plan for the future. Look at low interest… (Keep reading)

IRS Technology

Posted in Firm News,IRS,taxes on August 18, 2021

Anyone who has tried to contact the Internal Revenue Service in the last eighteen months can probably tell you about long wait times, courtesy disconnects and in general, a very frustrating experience.  The outdated systems and technology at the IRS were ill equipped to handle remote work and much of the work that did occur… (Keep reading)

IRS Scams – Part 2!

Posted in Firm News,identity theft,IRS,phishing,scams,tax planning,taxes on August 16, 2016

Each year, the Internal Revenue Service releases a list of the worst tax scams. These scams peak at tax season, but they happen all year round. Here’s a roundup of some of the fraudsters’ favorites. Identity theft, phone scams and “phishing” are listed as the top three forms of scams. Identity theft, of course, is… (Keep reading)

IRS Impersonation Scams

Posted in Firm News,IRS,scams on June 30, 2016

You’re sitting at home relaxing. The phone rings. The person on the other end claims to represent the IRS and demands immediate payment on back taxes you allegedly owe. They threaten you with being arrested, deportation, court action or many other unsavory consequences. These calls are scams! Do not be intimidated by these callers pretending… (Keep reading)

Trust Fund Criminal Penalties

Posted in Firm News,IRS,tax planning,trust funds on August 21, 2013

When it comes to employee tax withholdings, business owners can be sentenced to jail if they aren’t careful. In July, Richard Whatley of Salt Lake City was sentenced to a maximum 51 months on federal prison for willful failure to account for payroll taxes. On top of that, he must pay $540,000.00 in restitution. This… (Keep reading)

Redstone

Posted in Firm News,IRS on May 6, 2013

A recent Notice of Deficiency from the IRS has received national attention, both for its timing and its recipient. The Notice was directed to Sumner Redstone, the 89-year-old majority shareholder of CBS and Viacom, for failure to file a gift tax return pertaining to a gift made in 1972. The amount of the taxes and… (Keep reading)

Tax Evasion and the IRS

Posted in Firm News,IRS on April 29, 2013

True or false: The IRS wants to throw you in jail for tax evasion. FALSE! It is very rare for the IRS to show up at your home, cuff you and haul you off to jail. Most criminal investigations conducted by the IRS are linked to fraud, drug or money laundering activities. The IRS is the… (Keep reading)