January 2019 Archives

The hidden cost of an audit

Taxpayers may be aware of some of the common triggers that lead to an audit by the Internal Revenue Service (IRS). These can include a large amount of wealth, having foreign assets and small business ownership.

FAQs about the Tax Court closure

On December 28, 2018, the Tax Court website announced that it would remained closed until further notice. For those who had hearings scheduled or filing deadlines in January there has been uncertainty.

IRS Offers Penalty Relief to Ease Reform Transition

In order to make this first filing season under the recent tax reform somewhat less painful, the IRS offered a modicum of relief to taxpayers on January 16, 2019. The IRS announced that, for taxpayers who had withholdings and/or made estimated tax payments equal in amount to at least 85% of the tax reported on their 2018 tax return, it will waive underpayment penalties (IRC §6654 penalties).

Tax Season Opening Announced; Refunds to be Issued Despite Shutdown

Due to the partial government shutdown, the IRS is only operating with about 12.5 percent of its staff. However, on January 7, 2019, the IRS announced that tax filing season will begin on January 28, 2019. More surprisingly, despite a long history of contrary government shutdown policies, the White House concurrently assured taxpayers that refunds will be issued. The IRS confirmed this and issued IR-2019-01, stating that "[w]e are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown."

Avoid these common tax penalties in 2019

The United States tax code is a complex beast. A failure to abide by the rules outlined in the code can result in serious consequences. Depending on the details of the allegations, the consequences for a failure to follow this code can range from relatively minor financial penalties to serious prison sentences.

Think the IRS can only look-back 3 years? 2 times you are wrong.

If there are questions about your tax returns, the Internal Revenue Service (IRS) can generally look back three years — but there are some exceptions that allow the agency to look back even longer. Two of the most common reasons for an extended look-back period: omission of income and a failure to file returns.

Do I need to report cryptocurrency on my taxes?

Cryptocurrency, a type of digital asset, is a fairly new form of currency. Governmental agencies continue to determine the best we can handle this asset. Although rules and regulations are not currently complete, it is important to note that in some situations tax obligations are present.

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