Category Archives: IRS

If You Used Poloniex and Did Not Report Your Crypto…

Posted on April 2, 2021 by Russ

…now is a very good time to amend your tax returns to include those cryptocurrency gains and losses.  The Department of Justice announced that a federal court in Massachusetts ordered Circle Internet, the former parent company of Poloniex, and Poloniex … Continue reading →

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25 Million (and Counting)

Posted on April 1, 2021 by Russ

Today is April Fool’s Day.  I wish this post were a joke–and I guess in one way it is.  Unfortunately, what I’m reporting is true. Yesterday, National Taxpayer Advocate Erin Collins told a webinar that 25 million tax returns need … Continue reading →

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More IRS Correspondence Follies

Posted on March 25, 2021 by Russ

Two more examples came in yesterday’s mail regarding the IRS’s troubles with correspondence.  First, clients received an Automated Underreporting Unit (AUR) notice in late December (2020) regarding income allegedly not included on their return.  It was included, and we faxed … Continue reading →

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Miccouskees Reach End of the Road

Posted on March 22, 2021 by Russ

The Miccouskee Tribe runs a very successful casino outside of Miami.  The tribe itself is a sovereign nation and is exempt from federal taxation.  However, its members are US citizens and owe tax on all their income.  The tribe offered … Continue reading →

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Commissioner Rettig, Come Clean and Stop the B.S.

Posted on March 18, 2021 by Russ

Last week I wrote a post titled 18 Months and Counting.  As promised, here’s the follow-up and it can be summed up with a simple line, “The IRS is lying to everyone about correspondence.” Commissioner Rettig today said he is … Continue reading →

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IRS Reportedly Extending Federal Individual Due Date from April 15th to May 17th

Posted on March 17, 2021 by Russ

Multiple news reports  state that the IRS will extend the April 15th tax deadline to May 15th.  Because May 15th falls on a Saturday, that effectively pushes the deadline to Monday, May 17th.  I would expect this would be for … Continue reading →

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18 Months and Counting

Posted on March 9, 2021 by Russ

Last year I wrote about one of my clients, James Smith.  The IRS “helpfully” changed his Employer Identification Number (EIN) for his business without telling him, and we have had to deal with numerous IRS notices relating to the EIN.  … Continue reading →

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IRS Looking for “Hidden Treasure” (Unreported Cryptocurrency Income)

Posted on March 8, 2021 by Russ

The IRS’s Director of the Office of Fraud Enforcement, Damon Rowe, announced at a conference that the IRS has started “Operation Hidden Treasure.”  The IRS is looking for individuals (and businesses) which had cryptocurrency income but didn’t report it on … Continue reading →

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Stimulus for a 10-Year Old? Another (Likely) Erroneous IRS Notice

Posted on March 6, 2021 by Russ

One of my clients just received IRS Notice 1444-B noting they received their Second Economic Impact Payment of $600 by direct deposit.  (The notice was dated February 19th, but they received it just this past week.)  They wondered why it … Continue reading →

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When Acquire Doesn’t Mean Acquire

Posted on March 4, 2021 by Russ

It’s time for today’s lessen in double-speak, or bureaucratese, courtesy of the IRS.  On the top of Form 1040, just below your address is a question: At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire … Continue reading →

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