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3 things to know about the IRS and cryptocurrency

Cryptocurrency, also known as digital currency, is booming. This relatively new form of currency provides a unique issue for the Internal Revenue Service (IRS). But the IRS is learning. It is figuring out the best way to track down these accounts and hold taxpayers who may attempt to thwart their tax obligations accountable.

Did the IRS just lower your GILTI tax?

The Internal Revenue Service (IRS) recently released final and proposed regulations dealing with the global intangible low-taxed income (GILTI) provision. This provision was part of the Tax Cuts and Jobs Act (TCJA). The new regulations include a high-tax exception (HTE) to the GILTI.

One potential benefit: taxpayers may be able to remove controlled foreign corporation (CFCs) from their GILTI inclusion amount.

Does the DOJ aim to thwart attorney-client privilege in tax cases?

The Tax Division of the Department of Justice (DOJ) is attempting to increase its efficiency. One way it may attempt to reach this goal: increasing requests for a crime fraud exception.  

What is a crime-fraud exception?

Tax evasion and prison time: A case provides an example

Tax crimes can come with serious consequences. A recent case provides an example. The case involves government allegations an attorney committed tax evasion. After facing the allegations and reviewing the case, the attorney chose to agree to a plea deal.

Can you negotiate a deal over tax debt with the IRS?

Tax debt can quickly become unmanageable. What may start out as a few thousand dollars owed on back taxes can quickly escalate with penalties and interest. Taxpayers who find themselves facing this growing debt may question whether they will ever be able to settle their bill.

Reality TV star indicted for tax evasion

The Department of Justice (DOJ) recently released an indictment for Todd and Julie Chrisley, from the show Chrisley Knows Best. The government has charged the couple with tax crimes including bank fraud and tax evasion. According to the government, the reality television stars would fraudulently obtain bank loans and failing to pay their tax obligations.

IRS or not? Agency warns of new impersonation scam.

The Internal Revenue Service (IRS) recently published a news release warning taxpayers of a new impersonation scam. According to the agency, the scam involves unsolicited emails sent to taxpayers asking for tax payment.

Details of the scam: Bad link leads to malicious file

IRS encourages tax professionals to review their client security

Cybercrime is problem tax professionals must face on a daily basis. Tens of thousands of taxpayers are at risk of identity theft due to information stolen by cyber criminals from tax professionals. In an effort to reduce this risk, the Internal Revenue Service (IRS) recently reminded tax professionals to promptly report data theft to the agency. The agency states if it receives notification in a timely manner it can help to stop fraudulent tax returns and better protect the client’s information.

Texas Governor extends state tax benefits for solar panels

Solar power is one form of energy that can help to reduce greenhouse gas emissions. Local and federal taxing agencies offer tax abatement programs to help offset the high initial cost that comes with converting to solar power. Lawmakers use these programs to reduce or eliminate property taxes for those who partake in the program.

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