The rise of virtual currency has brought dramatic changes to the U.S. economy, and the IRS has begun to take notice. In 2018 the agency introduced a digital currency tax compliance campaign, and last summer over 10,000 taxpayers across the country received letters regarding potential issues regarding the report of virtual currency holdings and transactions. Receipt ofcontinue reading…
An overview of the Taxpayer Bill of Rights
When you have a dispute with the Internal Revenue Service or difficulty meeting your federal income tax obligation, interacting with the IRS can be extremely frustrating. As you attempt to cut through all the red tape to try to reach a resolution, you may start to feel like a nonentity with no voice and nocontinue reading…
Last-minute strategies to reduce your 2019 taxes
The Tax Cuts and Jobs Act was passed two years ago, and tax attorneys and accountants have spent that time looking for new tax breaks and other strategies for reducing your tax liability. Basically, reducing your tax liability involves maximizing your potential deductions and tax credits while reducing the amount of your income that iscontinue reading…
RESPECT Act requires criminal charges before IRS forfeiture
Business owners in Minnesota may find relief in knowing that the new Clyde-Hirsch-Sowers RESPECT Act prohibits the IRS from seizing property without first filing criminal charges. After the IRS accused two small business owners of structuring cash transactions as a means to hide illicit activity, Congress passed the Act to prevent cash-reliant businesses from unconstitutionalcontinue reading…
Year-end tips to tackle your taxes in 2020
A new year is right around the corner. However, you do not need to wait until Jan. 1 to make resolutions for 2020. You can start preparing for a better year now by tackling some tax issues and taking steps to increase your refund. Over the next few weeks, you can utilize some of thecontinue reading…
