The number of tax returns examined by the IRS drops every year, to the point where the agency now audits just 0.5 percent of all returns, but that still amounts to over a million adversely affected taxpayers. In order to determine how to respond to an IRS Tax Audit, it is helpful to understand how tax returns…
Read more
Hiding $ Offshore on IRS Dirty Dozen List
Avoiding taxes by hiding money or assets in unreported offshore accounts remains on the IRS “Dirty Dozen” tax scams for 2018, the agency said in IR-2018-64. This long-running scheme to hide money in international accounts to avoid paying taxes has been a major focus for the IRS in recent years. Taxpayers should remain wary of…
Read more
IRS ‘Dirty Dozen’ List of Tax Scams for 2018
The Internal Revenue Service concluded its annual "Dirty Dozen" list of tax with scams with its IR-2018-66 with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes throughout the year. This year's “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during…
Read more
IRS Reminds Taxpayers to Report Their Virtual Currency Transactions
The Internal Revenue Service reminded taxpayers on March 23,2018, that income from virtual currency transactions is reportable on their income tax returns. Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions…
Read more
