The IRS has a relatively new tool in its kit to compel delinquent taxpayers to settle their debts. The IRS may prohibit you from renewing or applying for a U.S. passport if you owe more than $53,000 in back taxes. The IRS will only resort to this measure when other...
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...
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...
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...
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...
