How to Avoid the Top 3 Cryptocurrency Tax Traps
How to Avoid the Top 3 Cryptocurrency Tax Traps Lately, a lot of focus is on investment transactions in various cryptocurrencies. So now the IRS is watching – maybe even closer than you think. Let’s talk about how to avoid the top 3 cryptocurrency tax traps. TRAP #1 You have to…
Success Story – $300 Total IRS Solution!
Success Story – $300 Total IRS Solution! Today’s success story involves an Illinois couple who started working with Tax Law Offices in May 2021. The wife had recently retired. But this couple, humble and hard-working, owed over $67,000 to the IRS and really needed our help. Unfortunately, another firm had disappointed them before they…
I lost my house in divorce. Will I have capital gains later?
I lost my house in divorce. Will I have capital gains later? Avoid tricky tax problems in divorce property settlement! Here’s the common situation: Let’s suppose that you are the primary spouse on marital home’s mortgage. You plan to give your spouse all rights to your home, in the divorce. Your spouse will keep the…
Tax Resolution for Business: Satisfying the IRS Trust Fund Penalty
The IRS has measures in place to get paid, just like any other business. In order to ensure that businesses appropriately withhold — and pay — their employees’ income, Social Security, and Medicare taxes, there are, of course, penalties. Any business that willfully fails to pay the required payroll taxes is going to be subject…
Handling IRS Audits – IRS Information Document Request (Form 4564)
As a Certified Public Accountant, you may represent your clients in an IRS tax audit, and you need to know how to handle the IRS Information Document Request (IDR). It’s important to know that there are several different types of IDRs also known as Form 4564. More specifically, each IDR Form 4564 can be different…
Handling IRS Audits – Unreasonable IRS Agents
Dealing with an IRS Revenue Officer can be overwhelmingly intimidating — especially if one stops by your home or business for the first time unannounced. You may feel like your heart is racing. You’re confused. Frankly, it doesn’t make sense as to why the officer is at your door. As far as you’re concerned, you…
Handling IRS Audits – Mistakes On Return By Your CPA
It’s common to assume that when you hire a Certified Public Accountant (CPA) that your taxes are going to be error free. In a large majority of cases, your taxes will be safe in the hands of a CPA. But what happens when you are notified of an error or you discover an error that…
Handling IRS Audits – Employee vs Contractor Issues
It is your responsibility as an employer to classify your workers, whether they’re an employee or independent contractor. These classifications determine how much you need to withhold as an employer. If you classify an individual as an employee, but you do not withhold and pay your proper employee taxes, the IRS will keep you on…
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