IRS Turns Up the Heat on Bitcoin and Digital Currency Users

The IRS has taken a major step in the fight to obtain data on Bitcoin and other digital currency transactions.  A federal court has authorized the IRS to serve a John Doe Summons on Coinbase, Inc., a digital currency transaction company. The IRS wants information on the site’s users and their transactions. Some Coinbase users, led […]

Tax News –Passport Revocation for Seriously Delinquent Taxpayers

The federal government recently signed the Fixing America’s Surface Transportation Act (“FAST Act”) into law allowing the Secretary of State to deny, revoke or limit the United States passports of individuals with “seriously delinquent” tax debt. This legislation allows the IRS and Department of Treasury to notify the Secretary of State where any individual taxpayer […]

Tax News: IRS Updates for FBAR Penalties

Any US taxpayer with an interest in, or signatory authority over, a foreign financial account must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) where the aggregate value of all foreign financial accounts exceeds $10,000 during a tax year. FBARs must be submitted to the IRS by June 30th of each […]

Tax News: Affordable Care Act

While the Affordable Care Act, or “ACA,” makes obtaining health care coverage accessible for many Americans, the law imposes additional obligations on many taxpayers who benefit from its provisions. As of July 1, 2014 most taxpayers are required to report qualified health care coverage on their federal income tax returns pursuant to the ACA. Certain taxpayers […]

Tax Tip: Are You A Household Employer?

Between full time jobs, children, and pets many people pay others to help them with household chores and related tasks. If you pay an individual to run errands for you, babysit your children, walk your dog, or do other types of work for your home, you may have additional tax obligations as a “household employer.” […]

IRS Targets Offshore Accounts and Income in Dirty Dozen Tax Scams for 2015

The Internal Revenue Service (IRS) continues to remind taxpayers of the danger of hiding money or assets in unreported offshore accounts. The IRS has been very focused on this issue now for over 5 years. Violations of U.S. global tax reporting and FBAR filing laws can be criminal and there are severe civil penalties even for […]

Breaking Tax News: All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that  recognize their marriages, will be treated as married for federal tax  purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does […]

Whistleblower and Tax Cheat Receives $104m Reward from the IRS

The Internal Revenue Service (IRS) has awarded Bradley Birkenfeld – a tax cheat and whistleblower – $104 million for providing information about UBS’s promotion of secret offshore accounts to U.S. taxpayers.  Mr. Birkenfeld had recently been released from jail after serving a portion of a 40-month sentence after pleading guilty to withholding information about his […]