There are a few key things to know about Bitcoin for tax purposes this year. First, if you’re new to cryptocurrency, the IRS considers it “property” and it is taxed when you cash out of Bitcoin you own, or when you trade or barter cryptocurrency for any good, service or non-currency property. If … [Read more...] about Cryptocurrency and the IRS: What You Need to Know
Starting in January 2018, the IRS is toughening up on taxpayers who are ‘seriously delinquent’ on tax debt by implementing new procedures that will put their passport in jeopardy. The IRS is notifying the U.S. State Department of these delinquent tax debts so that the State Department will deny the … [Read more...] about Pay Your Taxes or You May Be Grounded
If you have unfiled tax returns as an individual or married couple, or on behalf of your business, you are not alone. Many people choose not to file their federal returns for a variety of reasons, some forget to do so and some do not understand the requirements. Talk to a tax lawyer right away You … [Read more...] about Seek legal guidance if you did not file tax returns in the past
As dogged as the IRS can be when it comes to collecting taxes owed by individuals and business owners across the country, even they understand that sometimes circumstances can prohibit someone from meeting the April tax filing deadline. In such situations, it is possible to apply for an extension … [Read more...] about Running behind? Don’t forget to ask the IRS for a tax extension.
In the wake of a major hack of the Internal Revenue Service network, the IRS reports that it will partner with third-party firms to bolster security and protect the information and returns of taxpayers. The efforts will include working with software and tax-preparation firms. In May 2015, hackers … [Read more...] about IRS makes moves to protect taxpayer information
April 15 is not a date that goes unnoticed by most people, but it can be easy to miss the Internal Revenue Service's tax filing deadline when life gets in the way. Many individuals and businesses that miss the deadline did mean to file their returns. However, waiting until the last minute or trouble … [Read more...] about Unfiled tax returns: not a problem to sweep under the rug