Cryptocurrency SavingsCryptocurrency is more accessible than ever before. Banks are continuing to both implement procedures for and, in some cases, develop their own cryptocurrencies. Paypal allows users in the U.S. to buy, sell and hold select cryptocurrencies directly through PayPal and it will enable cryptocurrency as a funding source for purchases in 2021. Volatility in the price of cryptocurrencies continues, and is likely to continue, but it is becoming a more recognized investment and method of payment. As more taxpayers integrate cryptocurrency into their finances, they should consider tax implications. Here are some things to remember about current or future cryptocurrency transactions and investment.
Continue Reading Taxpayer Guidelines for Cryptocurrency in 2021

The IRS is auctioning off a deferred compensation arrangement Darryl Strawberry had with the Mets.  Minimum bid is $550,000 for a payment stream that is estimated to be well over $1 million.  Get your bid in by January 20th if you really want it.  See the IRS Notice for more details.

According to an Article

The IRS announced the adoption of a “Taxpayer Bill of Rights” Tuesday.   I have listed the rights below along with my commentary.  Just like our U.S. Constitutional Rights, these “rights” are and will be watered down.

All of us have certain rights we feel strongly about.  For instance, folks here in Texas are very concerned

Filing of IRS “Nominee” liens is a favorite practice of the IRS.  Oftentimes, however, the IRS does not follow the law when it does so.

The law generally defines a lien as a charge or encumbrance that one person has on the property of another as security for a debt or obligation.

Essentially, this concept

Everyone knows that identity theft is a big problem in the United States.  In recent testimony before Congress the subject of stolen identity refunds was front and center.

The IRS estimates that more than 641,690 incidents of tax-related identity thefts have occurred through September of 2012.  This is an exponential increase from 2008 which only

A common problem for taxpayers with closely held businesses is getting returns filed on time.  Entrepreneurs are often focused on trying to build business – or sometimes just trying to survive.

Tax compliance is something that can fall by the wayside.  But this leads to problems.

In the case of a partnership (or LLC taxed

Newspaper Extra ExtraFew people realize that when they sign and file a “joint” income tax return they are, in effect, signing a promissory note to the United States Treasury. 

This can lead to some very unfair results.

Back in the 1970s Federal law was enacted to give relief to “innocent spouses.”  As you can imagine it can