In IR-2019-118 the IRS stated that nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year. “We urge taxpayers with expiring ITINs to take action and renew the number…
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IRS Summons to Uncover Unreported Virtual Currency Gains Partially Enforced
In U.S. v. Coinbase, Inc., et al, (DC CA 11/28/2017) 120 AFTR 2d ¶2017-5538 IRS has been granted partial enforcement of a summons served on Coinbase, a virtual currency exchange that represents the largest U.S. exchange of bitcoin into dollars. As part of its investigation into the reporting gap among virtual currency users, IRS originally…
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IRS Releases Data Book for 2018 Showing Data on Tax Audits & Collection
The Internal Revenue Service on May 20, 2019 released the 2018 IRS Data Book, a snapshot of agency activities for the fiscal year. The 2018 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2017, to Sept. 30, 2018, and includes information about tax returns, refunds, examinations and appeals. The annual publication…
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Tax Preparer's Fraudulent Intent Was Sufficient To Keep Limitations Period Open For the Taxpayer
Affirming the Tax Court’s decision, the Eleventh Circuit Court of Appeals has ruled that the fraud exception to the 3-year statute of limitations on assessments applied where a married couple’s returns were fraudulently prepared by their preparer. (Finnegan, (CA 11 6/11/2019)) As many of us do, John and Joan Finnegan ("Taxpayers") hired someone to prepare their tax…
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