Federal prosecutors recently announced criminal charges against a tax preparation professional from San Antonio, Texas. The prosecutors have charged the man with two counts of assisting in the preparation of false tax returns and one count of filing false or fraudulent returns for his own, personal tax returns.
July 15, the upcoming tax filing deadline, is fast approaching. Those who own cryptocurrency through Coinbase, Bitcoin or another platform may have questions about reporting requirements. Two tips that will help to reduce the risk of issues with the Internal Revenue Service (IRS) regarding this asset include taking time to organize relevant records and get a basic understanding of the tax forms that go with cryptocurrency.
Tax return professionals, like many throughout the country, have been forced to adapt their practices to navigate the current coronavirus pandemic. Three examples that are specific to this practice include a changed workplace, amplified focus and the need for continual change. What does this mean for the future of the business? The following provides some guidance.
The Internal Revenue Service (IRS) recently issued some tips for estates and trusts that claim tax deductions. The proposed regulations focus on how estates and trusts determine adjusted gross income.
The Internal Revenue Service (IRS) along with the Treasury Department recently announced details about the distribution of economic impact statements. According to these agencies, most qualifying taxpayers will not need to take any action to receive the payments. The agency has stated it will use past filing information to help make its determinations and to know where to send the payments.
The COVID-19 pandemic has impacted almost every facet of our lives. Schools are closing, offices are having workers work from home when possible and grocery stores are starting to have shopping hours for high-risk shoppers only.
New Year celebrations are done, and many may be reconsidering their resolutions. It is not too late to make another resolution, a resolution that financial professionals note will likely lead to eased mental stress and reduction of the stress that tax obligations can put on your finances. Make the resolution to get your taxes in order.
Getting a letter from the Internal Revenue Service (IRS) is likely to cause stress in even the most rule abiding taxpayer. But when should a notification really be of concern? Three specific times a taxpayer should worry include:
The Internal Revenue Service (IRS) keeps a close watch over tax return professionals. Tax preparers must file tax returns on behalf of their clients wisely, getting the best possible returns for their clients while remaining within the bounds of the law, or else faces serious consequences. Three recent cases provide an example of the severity of penalties that can result from an error.
Farmers may find their tax burden eased in 2020. Lawmakers passed a number of laws before heading out for the holiday break that will impact their tax obligations in the new year. Three examples include: