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The Wall Street Journal listed 10 Red Flags that the IRS looks out for. Tax credits for children, healthcare premiums, earned income, and now pandemic related grants, loans, and credits make up a majority of their list. Other red flags are small business, especially...
With the tax filing deadline approaching, the IRS is reminding taxpayers of their obligation to report income and assets from any gig economy, virtual transactions, and/or foreign countries. Many taxpayers earn income through the gig economy due to advances in...
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,...
