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
FBAR Penalty – Per FBAR Due, Not Per Account
In a case of first impression, the Court of Appeals for the Ninth Circuit ruled that the IRS can impose only one non-willful penalty under 31 USC 5321(a)(5)(A) when an untimely, but accurate, Report of Foreign Bank and Financial Accounts (FBAR) is filed, no matter the number of… Read More
Tax Ramifications of Buying a Tesla with Bitcoin
Recently, Elon Musk announced that purchasers of Tesla may buy one with their Bitcoin. But be aware that the IRS is watching. If you purchase a Tesla with Bitcoin, and you bought the Bitcoin at a price lower than the cost of the Tesla, you will incur capital… Read More
Crypto Hard Fork is Taxable Gross Income
A new IRS Chief Counsel Advice 202114020 Memorandum was issued answering the question of whether a taxpayer who received Bitcoin Cash as a result of the August 1, 2017, Bitcoin hard fork has gross income under section 61 of the Internal Revenue Code. The answer is yes. A… Read More
New IRS Crypto Initiative: Operation Hidden Treasure
The IRS has added another enforcement tool in its quest to root out crypto tax evasion. The new IRS initiative, named “Operation Hidden Treasure”, is a partnership between the Office of Civil Fraud Enforcement and the Criminal Investigation Unit to snuff out tax evasion from cryptocurrency owners. The… Read More
Be Sure You “Actually” File Your Tax Return.
If you are in IRS Collections, dealing directly with a Revenue Officer, delivering your tax return directly to that Revenue Officer, upon his or her request, is not an “actual” tax return filing. Not “actually” filing a tax return has many important implications. Namely, you need to “actually”… Read More