On behalf of Lawrence Brown Taxpayers should sit up and take notice that their digital currency transactions may be subject to taxation. On March 23, just before Tax Day 2018, the IRS issued a news release reminding U.S. taxpayers that the agency expects them to properly report cryptocurrency transactions. According […]
If your business is considering using a Professional Employer Organization this is good news. A Professional Employer Organization (PEO) can lower business expenses related to human resource administration as well as health and unemployment insurance costs by creating a bigger pool of employees. A PEO works through a co-employment arrangement. […]
Are businesses treated as individuals under tax law? Based on previous cases, it would appear the answer to this question is yes. Corporations are responsible for taxes and appear to receive many of the same protections as are present for individuals. Although this would seem to be an established precedent, […]
The Taxpayer Advocate recently wrote about concerns with the new IRS enforcement program for “seriously delinquent tax debt” that allows for the denial of an passport application or revocation of a passport. The IRS announced that it had started certifying taxpayers to the Department of State in March. For more […]
Digital currency, such as Bitcoin, has gained in popularity over recent years. As a result, the Internal Revenue Service (IRS) is scrambling to update tax rules and regulations to address this new form of currency. The federal agency was recently chastised twice by Congress for its handling of digital transactions. […]
The federal government is ramping up its efforts to find and collect taxes on offshore accounts held by American citizens. For years, many people have placed funds in accounts abroad to take advantage of more lenient banking rules and more attractive incentives (like higher rates of return and shielding from […]
If you have previously done your own taxes, or you’ve had a pressing tax-related question, chances are good that you have consulted the IRS website, IRS.gov for guidance. You may have, like many of us, assumed that the information you found on the official website of the IRS would be […]
Getting a phone call from someone who claims to work for the Internal Revenue Service (IRS) is a stressful event. Unfortunately, a number of less than desirable characters know this and will attempt to take advantage of the stressful situation and gather personal information that could be used in a […]
In part one of this post, we took note of the unsuccessful appeal by soccer star Lionel Messi of his tax fraud conviction. His attempt to claim lack of knowledge of his father’s use of shell companies to hide income didn’t go over well with the appeals court. The court […]
Tax season recently ended. Some taxpayers may have experienced the unpleasant surprise that they owed state taxes not just in the state that they live in, the state they consider their domicile, but in another state or even multiple states as well. This can happen for a number of different […]