Knowledge is Power when negotiating with the IRS. You must know what they know to be successful. I want to help you obtain that knowledge. This is a short introductory video to tell you a little bit about myself and the TAX videos discussed on my Channel. If… Read More
Importance of Innocent Spouse “Timing”
A 2020 District Court case in Texas tells us that the “timing” of filing an Innocent Spouse Request for relief is supremely important. In the Landers case, the taxpayer filed her Innocent Spouse Claim after an IRS bank levy had been sent to her banking institution. In effect,… Read More
Chances of Audit Increasing
Following historically low examination rates in 2020, the IRS plans to ramp up tax audits of small businesses by about 50% next year (2021). The increase in audits will apply to both partnerships and pass-throughs, said the IRS. The audit net will be wide – from local mom-and-pop… Read More
Deductibility of Paycheck Protection Program (PPP) Expenses
Concerning the non-deductibility of expenses related to the Paycheck Protection Program (PPP), the IRS released updated guidance this month (November 2020). Under the new IRS guidance, a calendar year borrower who received a PPP loan in 2020, which loan has not been forgiven by the end of 2020,… Read More
E-Filing and the Late-File Penalty
For many years, the Boyle rule established that the failure of a third-party accountant to file a tax return by its due date does not establish a taxpayer’s “reasonable cause” for the forgiveness of late-file penalties. But is the Boyle rule consistent with the realities of e-filing? For… Read More
U.S. Government’s Stock-Pile of Cryptocurrency
In November 2020, the U.S. Department of Justice (“DOJ”) experienced a cryptocurrency “windfall” of assets. It seized more than $1 billion of Bitcoin as part of a civil forfeiture complaint stemming from the Silk Road investigation and prosecution. Silk Road was the most sophisticated and extensive criminal marketplace… Read More