IRS Focus on Cryptocurrency

In recent years, the IRS has been expanding their efforts to address noncompliance related to virtual currency transactions. These efforts have ranged from education to

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Tax Credits

Tax credits are very beneficial on your tax return, because they are a dollar-for-dollar savings and not just a deduction. Each tax credit has specific

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Form 5471 – Who Needs to File?

U.S. citizens or residents who are officers, directors, or shareholders in certain foreign corporations may be required to file Form 5471.  While this seems like

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FTB Letters Regarding Schedule C

The California Franchise Tax Board (“FTB”) administers personal and business income taxes.  The FTB is known for their aggressive collection, compliance, and enforcement efforts. On

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