What on earth is the connection between a vintage cartoon and a paid tax preparer investigation? Some of us may remember those 1980s G.I. Joe public service announcements, which taught us that knowing is half the battle. Apropos of nothing, vigilant viewers, or those who just watched too much television during the 1970s, may have… [Read More]
What You Need To Know About Tax Preparer Investigations
Professional tax preparers are not only held to a higher standard when they prepare their return, they are also held to a higher standard in terms of tax preparer investigations. This is due in large part to the way many law enforcement agencies — including the Criminal Investigation Division at the IRS — conisder a… [Read More]
Bitcoin ATMs To Pop Up Down Under
The cryptocurrency-tax question may have just gotten a lot murkier, now that Stargroup announced a partnership with DigitalX to roll out up to 2,900 Bitcoin-enabled ATMs in Australia. Currently, there are only sixteen such machines in the entire country, and nearly all of them are one-way devices which only allow users to add Bitcoin shares… [Read More]
Bitcoin and Taxes: A Quick Primer
In April 2014, the IRS declared that Bitcoin was property and not currency and would therefore be subject to the capital gains tax or capital loss deduction. But now may be a good time to examine Internal Revenue Bulletin 2014-16 in depth, given the recent uptick in Bitcoin prices (and that’s putting it mildly), along… [Read More]
Your Responsibilities As A Tax Preparer
Christmas usually comes a little late for most third-party tax preparers, as most of these professionals do the bulk of their business in the first quarter of the year. Although various do-it-yourself platforms, such as TurboTax, have cut into their market-share over the past several years, there are still lots of people with little time,… [Read More]
Do I Need To Report Bitcoin On My FBAR?
After a long period of relatively low scrutiny, probably because Bitcoin values were relatively stagnant, the cryptocurrency is now on the Service’s (IRS) radar. Under current “law,” and that is using the term loosely, Bitcoin is probably not reportable on FBAR forms. However, since this declaration comes not from Moses as he descended the mountain,… [Read More]
IRS Forced to Limit its Bitcoin Summons
IRS Blinks In Coinstar Row Faced with growing opposition to its Coinstar John Doe summons, the IRS agreed to limit its scope, mostly by limiting the summons to Bitcoin accounts over $20,000. The original summons, which was directed at all crypto currency holders with Coinstar accounts between 2013 and 2015, would have affected over a… [Read More]
The Ongoing Conflict Over Bitcoin And John Doe Summonses
People are still talking about a November 2016 decision that upheld an incredibly broad Bitcoin subpoena.
In the decision, Northern California Magistrate Judge Jacqueline Scott Corley issued a John Doe summons targeting Coinbase Inc. The IRS directed the Bitcoin exchange to turn over all its records covering all its customers between 2013 and 2015.
Innocent Spouse Relief Indications of Unfairness Explained
Filing for Innocent Spouse Relied can be a bit murky and rather frustrating and the IRS is very particular about the qualifiers. The IRS takes into consideration all of the facts and circumstances in your case in order to determine whether or not it is unfair to hold you responsible for your spouse’s understated tax.
What to do if your spouse has a tax liability that has nothing to do with you
Claiming Innocent Spouse relief is one way that allows taxpayers to obtain relief from joint tax debt. If you are attempting to utilize this option, you will have to convince the IRS that holding you responsible for the tax debt is unfair.
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