Bitcoin In The Crosshairs

Don’t think that just because the currency is virtual, that the tax man doesn’t know you have it. Bitcoin and other virtual currencies are squarely in the crosshairs of the IRS and other agencies. The combination for potential for tax evasion, money laundering and illegal payments is just too enticing for Read more…

The IRS May Have to Pay Your Legal Bill

Internal Revenue Code (IRC) section 7430 permits courts to award “reasonable litigation costs” and “reasonable administrative costs” to the “prevailing party” in any “administrative or court proceeding … brought by or against the United States in connection with the determination, collection, or refund of any tax, interest, or penalty” under Read more…

ITIN Headaches

Immigrants and Foreign Workers Need ITIN for Compliance The current focus on immigrants and immigration reform extends to your taxes as well. Almost anyone working in the United States is liable to pay Federal and State income taxes. Failure to file, or failure to use the right ITIN – or Read more…