Entries by Jeff

Five Tax Shelter Promoters and Two Appraisers Indicted in Syndicated Conservation Easement Tax Scheme

Conspiracy Allegedly Involved Sale of Over $1.3 Billion in Fraudulent Tax Deductions The U.S. Justice Department (“DOJ”) announced on March 1, 2022 that a federal grand jury sitting in Atlanta, Georgia, returned a superseding indictment on February 24, 2022 charging seven individuals with conspiracy to defraud the United States and other crimes arising out of […]

Why Taxpayers Involved In Offshore Accounts, Cryptocurrency Or Cannabis Should Be Filing An Extension For Their 2021 Income Tax Returns.

If you did not report your offshore accounts, cryptocurrency income or cannabis income earned before 2021, you should hold off on filing your 2021 taxes and instead file an extension. An extension is your way of asking the IRS for additional time to file your tax return. The IRS will automatically grant you an additional time to file your […]

Justice Department Shuts Down Brooklyn Tax Return Preparation Business

Recently, the U.S. Justice Department (“DOJ”) successfully secured injunctions from U.S Federal District Court for the Eastern District of New York barring Keith Sang, Kashana Sang, Tareek Lewis, Kimberly Brown and their business K&L Accounting Inc. from preparing tax returns. K&L Accounting Inc. of Brooklyn, New York The Tax Division of the DOJ announced that […]

IRS Looking For Taxpayers To Report Gig Economy Income, Virtual Currency Transactions, And Foreign Source Income And Assets

Chances are you are involved in one of these areas – Income from the Gig Economy, Dealing with Virtual Currency, or Having Foreign Source Income And Assets. If so, pay particular attention to what the IRS will be looking for on your 2021 income tax return. Gig economy earnings are taxable Generally, income earned from […]

Tips On Holding Cryptocurrency In An IRA To Defer Taxation

Cryptocurrency was not well known and confusing for the general public to get comfortable with but with innovations in the industry starting in 2017, cryptocurrency is becoming more widely known and accepted as a means to do business. One of those innovations increasing the popularity of cryptocurrency is the introduction of a multi-currency wallet that holds Bitcoin […]

IRS To Consolidate Processing Centers Despite Huge Backlog Of Unanswered Taxpayer Inquiries

On February 7, 2022 the Treasury Inspector General For Tax Administration (“TIGTA”) issued a report evaluating the IRS’s efforts to close the Fresno California Tax Processing Center and its continued planned closure of the Austin Texas Tax Processing Center. The IRS entered this filing season with several million original and amended returns filed by individuals […]

IRS Continues To Expand Tax Relief From COVID

On February 9, 2022 the IRS announced additional relief for taxpayers suspending the mailing of certain enforcement letters. IRS Coronavirus Tax Relief The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus and as information becomes available, the IRS will be updating this special page […]

Justice Department Shuts Down Three Tax Return Preparation Businesses

Recently in three separate cases, the U.S. Justice Department (“DOJ”) successfully secured injunctions from U.S Federal District Courts barring certain tax return preparation businesses from preparing tax returns and in some cases ordering the tax return preparers to disgorge the fees they obtained by preparing false and fraudulent tax returns. Terance Price – Mississippi On […]