If you invest in Bitcoin or some other form of a virtual currency, be aware that the IRS is expanding its enforcement actions and understand what your tax responsibilities are. Background In … [Read more...] about IRS Focuses on Crypto & Non-crypto Virtual Currencies
IRS Tax Planning Ideas, Tips & News
Excess IRA Contribution
“Excess IRA Contributions Cannot be Ignored, Unless You Don't Mind Being Assessed an Annual 6% Penalty" Background If a contribution is made to an Individual Retirement Account (IRA) in … [Read more...] about Excess IRA Contribution
IRS PLACES RENEWED FOCUS ON CRYPTOCURRENCY & NON-CRYPTO VIRTUAL CURRENCY INVESTORS
IRS Is Using Data Analytics to Identify Taxpayers Who Invest in Cryptocurrency and Fail to Report Their Gains Our Observations In our Exton PA office, we are seeing more taxpayers invest in … [Read more...] about IRS PLACES RENEWED FOCUS ON CRYPTOCURRENCY & NON-CRYPTO VIRTUAL CURRENCY INVESTORS
WHAT CONSTITUTES LAST KNOWN ADDRESS FOR IRS MAILINGS?
IRS Prevails Over Taxpayer In Establishing Last Known Address for Contacting Taxpayer The Facts of the Case Damian and Shayla Gregory moved in 2015. After moving, they filed their 2014 Form … [Read more...] about WHAT CONSTITUTES LAST KNOWN ADDRESS FOR IRS MAILINGS?
QUALIFIED OPPORTUNITY ZONES AND FUNDS
Individuals Who Wish to Invest in Certain Low-Income Areas Can Defer Capital Gains Until Year 2026 What Is a Qualified Opportunity Zone (QOZ)? A QOZ is an economically-distressed community … [Read more...] about QUALIFIED OPPORTUNITY ZONES AND FUNDS
ADVANCED PREMIUM TAX CREDIT WOES
Life Events Can Create Unexpected Financial Consequences – Why It Is Important to Communicate With Your Tax Professional Unexpected Bad News Some taxpayers received unexpected news when … [Read more...] about ADVANCED PREMIUM TAX CREDIT WOES
