If you do, you may need to keep track of your trades for income tax purposes. The IRS is concerned that people may not be reporting their trades on their income tax returns. Protecting yourself Consulting a tax attorney can help you to address this issue and avoid...
What happens if you fail to report foreign assets and accounts?
If you hold a foreign financial account, United States law requires that you report the account, not only on your income tax return, but also in an annual foreign bank account report, or FBAR. You could face serious legal consequences if you do not report the foreign...
Making the most of the foreign income exclusion for tax reduction
Taxes have a way of rapidly diminishing the income you earn as an individual and the profit a company can generate. Savvy business owners and professionals often go to great lengths to limit their income tax liability each year. Provided that you do so in compliance...
Reporting cryptocurrency transactions on your 2019 income tax returns
When the government thinks that taxpayers may not understand that a transaction is taxable, they’re going to look for a way to let taxpayers know that it may be taxable. This has been the case with the IRS and cryptocurrencies. The IRS released its first...
