Cryptocurrency has become an increasingly popular investment, but with it comes the responsibility of understanding its tax implications. Whether you have bought, sold, or simply traded cryptocurrency, it is essential to understand how the IRS views these transactions and what your reporting requirements are. The IRS treats cryptocurrency as property, not currency. This means that any […]
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The IRS has ramped up its enforcement efforts, and this means more letters and notices are being sent out to taxpayers. These communications may relate to a variety of matters, such as: unreported income, missing or incomplete tax filings, outstanding balances, verification requests, etc. The increase in IRS activity could mean you might receive one
IRS Enforcement Activity on the Rise – What You Need to Know Read More »
While a mismatched TIN and name may not always result in fines, it can cause delays, issues with refunds, and potential penalties for businesses and individuals. It’s crucial to ensure that the information on your tax forms is accurate and up to date. If you want to learn about IRS Notices CP2100 or CP2100A, click
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Due to the recent wildfires affecting Southern California, the IRS announced on January 10th, 2025 that they would provide tax relief for individuals and businesses affected by the circumstances surrounding the wildfires and straight-line winds. The tax relief is offered to those residing within the designated areas established by the Federal Emergency Management Agency (FEMA),
IRS Offers Tax Relief for Those Affected by the California Wildfires Read More »
The IRS (Internal Revenue Service) has already sent the Letters for the payments made in 2021 to all taxpayers who qualified Letter 6419 for “Advance Payments of the Child Credit” and Letter 6475 for “Stimulus Payments”. Important: These letters will be part of the documents necessary for the presentation of your 2021 Taxes.
