Top 1% of wealthy taxpayers failed to report 20% of their income IRS Creates Wealth Squad IRS Commissioner Charles Rettig has requested that Congress increase the IRS's budget. Rettig has … [Read more...] about $175 Billion of Unreported Income Targeted by IRS Wealth Squad
The Bank Secrecy Act imposes penalties for failure to disclose overseas accounts with balances of more than $10,000 during any day during the tax year- draconian penalties if failure to disclose is … [Read more...] about $12 Million FBAR Penalty
You receive an IRS notice that it will be auditing tax year 2020. Can the IRS expand the audit to include subsequent tax years? What Tax Years Can the IRS Audit? The basic rule is that the … [Read more...] about Can the IRS Expand its Audit Years?
On January 25 we reported that the IRS had 11.6 million returns from prior years that it had not processed going into the 2022 tax season. It now appears the IRS may have had a … [Read more...] about IRS Crisis Is Worse than Previously Reported
Should you refinance? What if you owe the IRS tax debt? What is a Refinance (Refi)? When you refinance your home, you are getting a new mortgage to pay off your existing mortgage. Why … [Read more...] about Refinancing Considerations
As more individuals invest in cryptocurrencies (digital asset market exceeded $2 trillion in 2021), it is important to remember that trading and paying for goods in these currencies is a taxable … [Read more...] about Cryptocurrency Tax Reporting Reminder