Online gambling has increased in recent years. The reason reaches back to a Supreme Court case from 2018. In that case, the highest court in the country decided that states could determine whether online betting, like sports wagers, was legal or not. Since that...
Tax Audits
IRS announces new shift in policy and focus on safety
The Internal Revenue Service (IRS) warns taxpayers of various scams to watch out for throughout the year. In addition to issuing these warnings, the agency also takes steps to help mitigate the risk of these scams. The agency recently released information about one...
IRS warns taxpayers of new scam
The Internal Revenue Service (IRS) often issues warnings to help taxpayers avoid becoming the victim of the latest tax scams. These scams are serious. The IRS reports that they cost thousands of taxpayers millions of dollars. As such, it is important for taxpayers to...
How do I know if a contact from the IRS is legit or a scam?
Seeing a communication from the IRS is likely right up there with looking in your rear-view mirror and seeing red and blue flashing lights. Just like we take caution during a traffic stop to pull over in a safe area, we need to take caution before we move forward and...
What do I need to know before I close my business?
Business owners know that they need to get their finances in order before they can close — but what exactly does this mean? Business owners will need to do more than just put up a closed sign, shut down accounts, and sell off tangible goods before they can move on...
What should I know about the IRS and cryptocurrency?
Federal agencies and lawmakers continue to try to navigate the best way to handle digital assets. When it comes to taxes, the Internal Revenue Service (IRS) views digital assets as a type of property. The IRS defines digital assets as any digital representation of...
Can tax debt impact my ability to travel?
Tax debt can lead to some pretty serious ramifications. In some situations, it can even impact the ability to travel. Although those with significant tax debt could likely still take domestic trips like a road trip to the beach or a getaway into the mountains, the...
IRS sets its sights on small businesses and tax credits
The Internal Revenue Service (IRS) has doubled down on small business owners that it claims took illegal advantage of a potential tax savings opportunity. The federal agency states that businesses throughout the country fraudulently claimed the Employee Retention...
Residency audit: Does where you vote matter?
The remote work environment has facilitated the ability for workers to take advantage of newfound freedom. Instead of finding themselves stuck in one location near an office, they can now work from virtually any place in the world. Some are choosing destinations based...
I have not filed taxes for years. What are my options?
A failure to file tax returns is a serious issue. The Internal Revenue Service (IRS) takes the matter seriously and, depending on the situation, could move forward with allegations of criminal wrongdoing. Is it really a crime to fail to file taxes? If the IRS can...