Another Signal from IRS that it is focusing on virtual currencies. New Question on Individual Income Tax Returns This year's individual income tax returns have a new question: At any … [Read more...] about “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
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Rental Property – Need for an LLC?
Do rental properties need to be placed in an LLC, or is having liability insurance sufficient to hold the property in your personal name? Background Scenario Far too often, individuals … [Read more...] about Rental Property – Need for an LLC?
Penalty Enigma-Failure to File a Gift Tax Return
What happens when a taxpayer fails to file the required gift tax return? How severe are the penalties for failure to file? Cautionary Note While we address certain aspects of the … [Read more...] about Penalty Enigma-Failure to File a Gift Tax Return
How a $7.00 Penalty Cost a Taxpayer $268,000
What happened when taxpayers instructed their tax preparer to file an extension of time and to debit their checking account for $1.8 Million to pay the balance due the IRS? Osterwijk versus … [Read more...] about How a $7.00 Penalty Cost a Taxpayer $268,000
$12 Million FBAR Penalty
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
Can the IRS Expand its Audit Years?
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?
