Digital Asset Brokers & Cryptocurrency

If you have your finger on the pulse of society at large, you have almost certainly at least heard of cryptocurrency–if you aren’t already actively engaged with the trend. This growing industry has led the intersection of digital assets and taxation to gain unprecedented attention. Cryptocurrency, once a niche interest, has become a significant part of the financial landscape, attracting investors, miners, and Read More

Are Common Activities Considered “Badges of Fraud?”

Fraud is a crime that takes many forms, all rooted in deception. Deceptive practices can lead to unfair advantages and financial harm to victims, but the alleged victims can come from a variety of places. The most consistently litigious “victim” is of course, the Internal Revenue Service (IRS), which pours extensive resources into protecting their interests. In an attempt to track deceptive practices, the IRS Read More

5 Reasons You Could Be Accused of Healthcare Fraud

As a healthcare service provider, you likely closely follow the philosophy behind the Hippocratic Oath. Concepts like avoiding causing harm or representing your vocation with utmost professionalism, can be followed by pretty much anyone, but those in healthcare are still held to the highest standards. What often goes unappreciated is that healthcare providers are often running a business and providing jobs. When Read More

Is Using a Tax Shelter a Viable Tax Strategy?

Savvy tax strategy enthusiasts often look for ways to save as much on taxes as possible. There are many ways to do this, such as filing deductions or contributing pre-taxed income to a 401k. These methods are sometimes called “tax shelters,” which essentially refer to the different strategies people and businesses can use to minimize their tax liabilities. However, not everyone is aware of the complexities around tax Read More

Money Doesn’t Solve Everything While Traveling Abroad

Avid travelers can navigate through unfamiliar territory with ease. There’s an understanding that differing cultural norms will create differing legal frameworks. What may be considered an acceptable practice in one country might be vehemently condemned in another. In some countries, it’s necessary to dress a certain way, in others, substances considered illegal in the U.S. are totally acceptable. A commonly heard Read More

Can Failing to Pay IRS Collections Lead to a Criminal Conviction?

The United States has a long-standing tradition of freedom from debtors' prisons. This tradition is rooted in the belief that people shouldn’t be imprisoned for their inability to pay their debts. However, there are some cases where the failure to meet financial obligations can be considered a crime. In recent years, there has been an uptick in cases involving criminal failure to pay. This trend has raised Read More

Ruling in Farhy v. Commissioner Shakes Up IRS Penalty Assessments

The Farhy v. Commissioner case marked a groundbreaking moment in the U.S. Tax Court's history, potentially reshaping how the IRS handles international information return penalties. This case revolved around a critical question: does the IRS possess the authority to impose certain penalties as stipulated by the Internal Revenue Code (IRC)? This case specifically applied to the IRC reporting obligations tied to Read More

Can’t Pay Back The IRS Right Away? You Still Have Options

If you find yourself in a situation where you owe the IRS more money than you can pay, it’s undeniably stressful. This can and does happen to taxpayers all the time, so it’s not a reflection of you as a person or your ability to stay fiscally responsible. It’s important to keep in mind that no matter how disastrous the situation may seem, the worst thing you can do is attempt to avoid the consequences by doing Read More

What You Can Learn From the Top IRS Criminal Investigations

The Internal Revenue Service (IRS) Criminal Investigation (CI) division has ramped up resources for enforcing the law. Each year, the IRS CI highlights the top cases that have made a significant impact on the detection and prosecution of tax crimes. In this blog post, we will explore two of the top IRS criminal investigations of 2022. These cases can provide insights into the importance of tax compliance and the ways Read More

Are Gifts, Prize Winnings, and Non-Cash Bonuses Taxable? What You Need to Know

Few things are more exciting than receiving a valuable gift or winning a cash prize. When you place your bets, the last thing you’re thinking about is how your winnings will impact your taxes. Unfortunately, these amazing events still have tax implications, so it’s important to understand the rules in order to avoid tax liabilities and enjoy the benefits. This post will explore some of the basics of gifts, prize Read More