How the IRS Determines if Your Side Business is a Hobby With the COVID-19 pandemic, many taxpayers had the luxury of working from home. Companies have since changed their in-office policies to allow employees the continued ability to work remotely. Some employers have even altered their policies entirely, allowing employees to permanently work remo...
Overview The purpose of the Streamlined Filing Compliance Procedures (“Streamlined Procedures”) is to bring U.S. taxpayers into offshore filing compliance. The Streamlined Procedures are available to taxpayers that did not willfully fail to report foreign financial assets and pay any tax due in respect of those assets. In particular, the Streamline...
How to Qualify for and Request IRS Penalty Relief So, you failed to file or failed to pay your taxes for the first time in your life and now the Internal Revenue Service is hitting you with a penalty. Guess what? With the First-Time Penalty Abatement waiver, this mishap may be forgiven. History of the First-Time Penalty Abatement Waiver Back in 200...
What Cryptocurrency Holders Need to Know About IRS Compliance Notices The IRS started sending out letters mid-July to taxpayers who have participated in virtual currency transactions. The letters consist of three different versions: Letter 6174, Letter 6174-A, and Letter 6173. Each letter's intention, according to the IRS, is to "strive to help tax...
The Risks of Failing to File Your Tax Return and How to Address It It's much more common than you might think. We have countless clients walk through our doors, asking what they should do when they haven't filed a tax return in several years (and in some cases, MANY years). Many are shocked to learn that their only concern isn't the amount that wil...
Why Public Perception of the IRS Varies and What It Means for Taxpayers Pretty interesting article from Jeff Simpson of taxprotoday.com outlining the various reasons different people either hate, fear, or just simply try to avoid the Internal Revenue Service. What may surprise some is that one particular study demonstrates that an individual's poli...
Key Situations Where CPAs Should Consult a Tax Attorney Now that tax season is over and many CPAs are "relaxing" by getting back to their regular 10-12 hour days (or hopefully taking some well-deserved vacation), I thought it was a great time to share an article published in the Journal of Accountancy entitled "10 situations when a CPA should call ...
How Unpaid Taxes Could Lead to Passport Revocation and Travel Restrictions The Woodlands, Texas - Last month, a few tax-related measures were slipped into H.R. 22, known as the "Fixing America's Surface Transportation Act." These provisions could add some significant teeth to the IRS' ability to collect past-due tax debts at a time when budget shor...
Understanding Dual-Role Worker Classification and IRS Implications For business owners, the decision on how to classify those who work for them is very important. It's been known for a while that worker classification matters are one of the key target areas for the IRS, and in an era of constant cutbacks and budget shortfalls, it's an area that wil...
