Dealing with taxes is no fun. If your return has any mistakes, you may find yourself facing refund delays at best and an audit at worst. No one likes going through the auditing process or interacting with the IRS in any other way. However, did you know that you...
Month: October 2019
IRS issues guidance on reporting virtual currency gains
The IRS has been increasingly interested in tax compliance by those who receive income in virtual or cryptocurrencies. According to the agency, income from investments in these currencies are taxed at the appropriate capital gains rate.That's going to require a lot of...
IRS: It’s just more efficient to audit the poor than the wealthy
In April, the nonprofit investigative news service ProPublica revealed that the IRS spends at least as much time auditing the working poor as it does the wealthiest 1% of Americans. On the surface, that seems fair enough. We shouldn't avoid auditing the poor just...
What happens when you miss an estimated tax payment
An increasing number of Americans have discovered the benefits of self-employment. A recent study found that approximately 16 million Americans enjoy self-employment, which means they must make estimated tax payments throughout the year. For other jobs,...
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