In the world of cryptocurrency, the much publicized Coinbase Summons by the IRS just got more teeth to it. The “John Doe” Summons served on Coinbase – seeking information of records and documents regarding US persons conducting virtual currency transactions – covered some nearly 9 million transactions and… Read More
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Crypto Update: Watch How Much You Pay for that Bottle of Water
If you are a crypto user and you buy and sell and use cryptocurrency for the purchase of goods, you should keep an eye on one particular piece of legislation. The bill was proposed by Congresswoman Suzan DelBene (D-WA-1). She introduced H.R. 5635, Virtual Currency Tax Fairness Act… Read More
IRS Incorrect Deadline Date Letters Continue…
The saga of the IRS Letters with “bad” deadline dates continues. The IRS letters were supposed to include inserts advising taxpayers of new deadline dates superseding the incorrect dates on the face of the letters. However, whoops…, many of those inserts did not find their way into the… Read More
PPP Loan Forgiveness, No 1099-C’s
To avoid taxpayer (and IRS) confusion come next tax filing season, IRS Announcement 2020-12 advises lenders that taxpayers should not receive Form 1099-C’s in connection with the discharge of indebtedness of payroll loan forgiveness under the CARES Act. The filing of an Information Return (1099-C) could result in… Read More
Alert: Economic Impact Payment Scams
Helping taxpayers is a core priority at Webb & Morton. We want taxpayers to avoid harm. To that end, please be aware of “scammers” who promote false information about Coronavirus Tax Relief and Economic Impact Payments (EIPs). They try to confuse taxpayers in an effort to steal their… Read More
IRS: Cage the Kraken
A Case for Cryptocurrency Tax Amnesty Good war planning evolves in stages, from strategic to tactical to political. The IRS appears to be in its operational phase, building a cryptocurrency campaign. Several developments signal a strong shift in IRS enforcement. These developments dwarf some 10,000 IRS letters sent… Read More