Farhy v. Commissioner decision limits the IRS’s power to impose penalties for failure to file or filing late Form 5471 In a recent U.S. Tax Court opinion, Alon Farhy v. Commissioner, 160 T.C. 6 (Apr….
The Internal Revenue Service (IRS) has released a new Chief Counsel Advice (CCA) Memorandum, providing guidance on the tax implications of cryptocurrency protocol upgrades. The document clarifies that no gain or loss is realized in…
This page is for you if you want to cut through the BS and take full control of fixing your tax problems. *** Do you know this Fresh Start Myth that causes people to pay…
Introduction: The Importance of Filing Back Taxes Filing back taxes can be a daunting task, especially when you don’t have the proper records. However, it’s essential to address this issue to avoid potential penalties, interest,…
In the world of taxation, the term “tax audit” can make even the most seasoned person feel a little uneasy. But what is a tax audit, and how does it affect you? In this comprehensive…
If you find yourself thinking, “I haven’t filed taxes in 10 years. What do I do?” you’re not alone. Many people find themselves in this situation for various reasons, such as financial hardships, disorganization, or…
INTRODUCTION Receiving an IRS audit letter can be a nerve-wracking experience. You may be feeling overwhelmed, confused, or even afraid. But don’t worry, you’re not alone. In this article, we’ll explore what an IRS audit…
By Kelly Hanley, Esq., Tax Attorney Dealing with tax debt can be a significant source of stress and anxiety. If you’re struggling to pay your tax bills, the Internal Revenue Service (IRS) forgiveness program may…
By Kelly Hanley, Esq., Tax Attorney If you’ve ever asked yourself, “why do I owe taxes?” you’re not alone. Many taxpayers are surprised to find out that they owe money to the government at the…
Unfiled tax returns are a common issue that many people face, but you shouldn’t ignore the problem. If you’ve missed the deadline for filing your tax return, you may be feeling overwhelmed and unsure of…