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...
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U.S. Tax Law Blog
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...
Living abroad? You may still need to file taxes with the IRS.
Taxes are never easy — but add in a move abroad and an already cumbersome necessity can become especially frustrating. That’s right, United States Tax Code still requires citizens that live abroad to file tax returns with the Internal Revenue Service (IRS). Do I still...
Three things to know as the IRS prepares to ramp up ERC audits
Lawmakers passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help get businesses through the worst of the pandemic. The Employee Retention Credit (ERC), part of this law, was aimed to do just what the name says — help small businesses keep their...
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...
What do I need to know about IRS collection efforts?
Media outlets and taxpayer watchdogs alike have dogged the Internal Revenue Service (IRS) for its struggles to deal with a backlog of millions of unprocessed tax returns. This makes recent news the federal agency has caught up with its backlog noteworthy. This is...
Tax evasion: not just for the Regular Joe. Four examples of celebrities convicted of tax evasion
The Internal Revenue Service (IRS) and local state taxing authorities can claim many high-profile cases. These federal and state agencies will go after taxpayers who have not met their obligations, ranging from the regular guy next door to mega-stars. Tax crime...
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...