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David Coffin PLLC
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Loopholes disappear for cryptocurrencies
Check out this article about the tax obligations faced by cryptocurrency investors. Thanks to both recent court decisions and the Tax Cuts and Jobs Act, a loophole that was relied on by cryptocurrency investors to avoid paying taxes on their investments has been closed. As a result, anybody who has made money from buying and selling cryptocurrencies will now have to pay capital gains tax on that income. Failure to do so could result in stiff penalties, including steep fines and even prison time.
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The pros and cons of disclosing offshore assets
Check out this article about the IRS’ Offshore Voluntary Disclosure Program (OVDP). The OVDP allows those who have undeclared foreign assets to disclose those assets to the IRS without being subjected to criminal prosecution. While the ability to avoid criminal penalties is certainly beneficial, eligible tax filers should be aware that civil penalties in the OVDP are extremely high and may reach up to 50 percent of the undeclared assets.
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How not to be audited by the IRS
Read this article to learn some easy ways you can stay safe from an IRS audit. Keeping records of any expenses you will be reporting for your business will help you ensure that you report them accurately. If you have kids who are in college or living on their own, make sure you and them both know whether you will be claiming them as a dependent or not. There is more useful information as well, like when to double-check numbers.
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Introduction to federal tax collections
Read an article introducing the basics about IRS tax collection powers and the importance of a delinquent taxpayer getting legal representation.
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Taking the mystery from IRS tax audits
You've probably heard a great deal about tax audits over the years, but how much do you really know about them? Learn the basics in this article.
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Designation of payroll tax to named employee’s income taxes
The U.S. Tax Court determined that the IRS was required it to honor a designation by a corporation that its remittance of delinquent payroll taxes should be applied as payment for the delinquent income tax liabilities of specifically named employees.
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