IRS Directly Seeks Out Cryptocurrency Non-Filers
IRS Directly Seeks Out Cryptocurrency Non-Filers The US Treasury Department (IRS) filed a successful lawsuit against Coinbase, Inc., resulting in Coinbase having to provide information on all account holders having transactions in excess of $20,000 in any year since 2007. This resulted in the surrender of information to the IRS for over 14,000 account holders […]
Cryptocurrency and the Wash Sale Rule
Cryptocurrency and the Wash Sale Rule The IRS classifies cryptocurrencies like Bitcoin, Ethereum, Dogecoin, or Shiba Inu as property. Cryptocurrency investors are subject to the same capital gains and losses rules that apply to other investors, with one important exception. Cryptocurrency investors escape the wash sale rule. What is the Wash Sale Rule? The […]
“Can Bankruptcy Eliminate IRS Taxes”
“Can Bankruptcy Eliminate IRS Taxes” “But I thought bankruptcy couldn’t eliminate IRS taxes…” In our practice we perform a financial analysis with every client based upon five potential solutions; 1) Partial or Full Pay Installment Agreement, 2) Innocent or Injured Spouse, 3) Penalty Abatement, 4) Offer in Compromise and 5) Bankruptcy. I hear this often, IRS taxes cannot be discharged […]
IRS Notice CP504- Third And Final Reminder Of Past Due Taxes
IRS Notice CP 504 Third and Final Reminder Of Past Due Taxes The CP 504 is a final notice of a balance that is due on your account. This is the third in a series of notices (CP501, CP503, CP504) each become more threatening in its language. Next is the Letter 1058- Final Notice of Intent To Levy […]
IRS Notice CP503- Second Reminder of Past Due Taxes
IRS Notice CP 503-Second Reminder Of Past Due Taxes IRS uses CP 503 as a second reminder to taxpayers of past due taxes. This is the second in a series of notices (CP501, CP503, CP504) each become more threatening in its language. The last in the series is the CP 504- Notice of Intent To Levy. Next is […]
IRS Notice CP501- Reminder of Past Due Balance
IRS Notice CP 501-Reminder Of Past Due Taxes IRS uses CP 501 to remind taxpayer of past due taxes. This is the first in a series of notices (CP501, CP503, CP504) each become more threatening in its language. The last in the series is the CP 504- Notice of Intent To Levy. Next is the Letter 1058- Final Notice of […]
IRS Notice CP 88- Delinquent Tax Return Hold
IRS Notice CP 88- Delinquent Return Hold IRS used Notice CP 88 to inform you that a refund from a current or prior return is being held until you file all necessary the return(s) listed on the notice. So What Do I Do First? You are going to want to verify and file the missing returns listed on the notice. […]
IRS Letter 1058, LT 11- Final Notice Of Intent To Levy
Letter 1058/LT 11-Final Notice of Intent to Levy IRS uses Letter 1058 or L-1058 / LT 11 is a final (sent certified) notice letting you know that you still have a balance and if you do not resolve it they will attempt to levy your wages, bank account, and/or other assets within 30 days. This […]
IRS Notice CP 161- Request For Payment Or Notice of Unpaid Balance
IRS Notice CP 161- Request For Payment Or Notice of Unpaid Balance IRS uses CP 161 to remind you of a balance due and to provide you with information about credits applied to the return. Many people mistakenly believe this is an indication of a math error on the return; this is not correct. What Should I […]
IRS Notice CP 11- Changes To Tax Return- Balance Due
IRS Notice CP 11- Changes To Tax Return, Balance Due IRS uses CP 11 notice to inform taxpayer of changes made to their tax return that has lead to a balance due. The IRS sends this as a first reminder of a balance due. What Should Do First If I Receive A CP-11 Notice? The first thing […]