Entries by Bitcoin

How may the 2025 government shutdown impact IRS preparation for the 2026 filing season?

Former IRS Commissioner Danny Werfel expressed concern over events since his resignation in January 2025 that he believes will have an adverse impact on IRS’ ability to handle operations for the 2026 filing season. Those events comprise of – The 2025 government shutdown that just ended, IRS furloughs including seven different senior IRS officials, The […]

White House Proposes Americans to Report, Pay Taxes on Foreign Crypto Accounts

In the summer of 2025 the White House proposed that Congress should consider drafting legislation that would force U.S. residents and companies to report foreign digital asset accounts on their taxes. A digital asset is a digital representation of value that is recorded on a cryptographically secured, distributed ledger or any similar technology. Common digital […]

Bakersfield Tax Return Preparer Sentenced for Role in $25 Million Fraud Scheme

The U.S. Justice Department (“DOJ”) announced on November 17, 2025 that Victor Cruz, age 41, of Bakersfield, California was sentenced to 18 months in prison for participating in a scheme to submit fraudulent individual federal income tax returns that claimed $25 million in refunds. According to court records, between November 2019 and June 2023, Miguel Martinez, […]

IRS Announces Penalty Relief for Tax Year 2025 for Information Reporting on Tips & Overtime under the One Big Beautiful Bill Tax Act

On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”).  OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. One of the provisions of the OBBBA […]

IRS Math Error Notices – Why You Need To Respond

If you receive a math error notice from the IRS, it means the agency found a discrepancy on your tax return and automatically corrected it but do not assume that the IRS computers are right.  Instead, you should review the notice carefully and respond within 60 days if you disagree. Common Types of “Math Errors” […]

One Big Beautiful Bill Tax Act – How Can You Benefit?

Focus: Bonus Depreciation On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”).  The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. Prior law Before the […]

How The 2025 Federal Government Shutdown Is Creating Opportunity For Taxpayers With IRS Debt.

At midnight on October 1, 2025, funding for Federal government agencies lapsed triggering a partial shutdown of the federal government. The date when funding will be restored by Congress has not been established but under plans established by each Federal agency, as the lapse in funding continues more Federal government functions will be shutdown. The […]

One Big Beautiful Bill Tax Act – How Can You Benefit?

Focus: Increase In Unified Credit (Estate & Gift Tax) On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”).  The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the […]