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Orange County Tax Law Blog

IRS cryptocurrency mailings fuel confusion on tax requirements

The Internal Revenue Service (IRS) is not known for providing clear and easy to follow information. Unfortunately, the agency’s recent mailings to those who hold digital currencies provides yet another example of the confusing and misleading information the agency can provide.

How does SALT cap impact CA residents?

A provision within the Tax Cuts and Jobs Act (TCJA) limited the State and Local Tax (SALT) deduction. This limit had a disproportionate impact on high tax states like California and New York. As a result, tax professionals expect residents in these high tax states to consider moving to other, lower tax states.

Two steps to bring foreign accounts into compliance with the IRS

Keeping up with tax obligations can be difficult. It can be confusing to know exactly what to report and which forms to file. However, a failure to keep up with one’s tax obligations can result in serious financial penalties and even, depending on the details of the allegations, the potential for prison time.

IRS offers expatriates opportunity to come into compliance

People choose to revoke their United States citizenship for any number of reasons. Regardless of the reason, it is important to note that expatriates do not automatically rid themselves of their tax obligations. Those with tax debt will still need to pay their bill with the Internal Revenue Service (IRS). However, the IRS recently announced procedures that may help certain individuals come into compliance.

Tax evasion could mean prison time for college admission scandal

How does the government build a case against alleged criminals who would otherwise be free from criminal charges? Tax evasion. Tax evasion has been a major tool in the government’s tool belt to prosecute criminals for decades. The use of tax evasion charges to go after criminals that may otherwise be difficult to catch may have become most well-known during the prosecution of those involved in the mafia.

Tips to prepare for the September tax deadline

The due date for the third quarter payment to the Internal Revenue Service (IRS) is coming up.

The United States government requires quarterly tax payments because the tax system is a pay as you go program. As a result, the government generally expects taxpayers to meet 90% of their annual tax obligation with payments throughout the year. Those who find themselves owing more than 10% at the end of the year will likely face additional penalties.

Taxpayer takes on IRS over tax deduction, and wins

It is not uncommon for the Internal Revenue Service (IRS) to question your tax filings. In some cases, the questions can result in an audit and allegations of wrongful deductions. Depending on the magnitude of the allegations, it is wise to fight back.

Congress passed the FATCA to stop tax evasion. Is it working?

The Internal Revenue Service (IRS) has hunted down those who attempt to hide assets in foreign accounts for decades. In 2010, members of Congress and President Barack Obama gave the agency one of its strongest tools against this form of tax evasion: the Foreign Accounts Tax Compliance Act (FATCA).

IRS reminds those with tax debt to pay up or lose their passport

The Internal Revenue Service (IRS) has a toolbox full of tools it can use against taxpayers who fail to pay their tax obligations. One tool it recently threatened to wield against taxpayers with significant debt: the ability to revoke the taxpayer’s passport.

Did the IRS just pounce on Bitcoin gains?

Bitcoin has jumped in value in recent months. The digital currency reported a jump in value three times that of the reported numbers in 2018, a “record-breaking” second quarter. With this in mind, it may not come as a surprise that the Internal Revenue Service (IRS) just announced it is sending out letters to over 10,000 taxpayers suspected of failing to report digital assets like Bitcoin.