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With the increased popularity of cryptocurrency, comes the rise of cybercrimes. Cryptocurrency can and is being exploited by criminals using ransomware, hacking tools, and extortion schemes. The Justice Department has created the National Cryptocurrency Enforcement...
For a variety of reasons, taxpayers sometimes understate tax liabilities to the IRS. The IRS knows this. Tax evasion is a crime. Fortunately for the taxpayer who begins to lose sleep over the misdeed, the IRS has a Voluntary Disclosure program that will let...
The IRS has recognized that continuing to contact taxpayers with automated collection letters is not appropriate given the millions of pieces of mail the IRS has yet to process over the past six months, or longer. The IRS is interested in being helpful to taxpayers...
The importance of paying over employment taxes cannot be overstated. Larry Kudsk, a Berkeley construction businessman, learned this the hard way recently when he was indicted on seven counts of failing to pay over employment taxes he withheld from employee’s...
Although the IRS performed well under difficult circumstances, Erin Collins, IRS National Taxpayer Advocate, dubbed 2021 the most challenging year taxpayers and tax professionals have ever experienced in her annual report to Congress issued in January. Among top...
For those taxpayers who plan to reduce their estates by giving annual gifts during their lifetimes, the IRS recently announced that they will be able to increase the donation from $15,000 to $16,000 this year (per taxpayer, per donor). With a federal estate tax of...
The IRS Identity Protection Personal Identification Number (IP PIN) is a six-digit number assigned to eligible taxpayers to help prevent other people from using their social security numbers or taxpayer identification numbers fraudulently. To obtain an IP PIN online,...
From bitcoin exchange owners to a former pastor, the IRS identifies the top 10 criminal cases of 2021 which includes frauds that were committed against charitable organizations, unsuspecting consumers of solar products, illegal investment scams known as Ponzi schemes,...
Receive a pension distribution from a Malta pension fund? If you are a U.S. citizen, you will be unhappy to learn that the distribution is taxable for U.S. purposes, following the discovery of abuse by U.S. taxpayers with no prior connection to Malta. Through a...
The IRS has determined it can collect far more in unpaid taxes from Marijuana Related Businesses (MRBs) than other industries ripe for audit. As a result, the IRS has been focusing on MRB audits for civil assessments which in some cases become criminal referrals. If...
