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IRS is Using Data Analytics to Track the Use of Cryptocurrency for Tax Evasion

by Steven J Weil, PhD, EA, LCAM | Jun 29, 2021 | Blog, Business Tax, Personal Tax

Internal Revenue Service is focusing on tax evasion done with virtual currencies like Bitcoin and nonfungible tokens. This is done by using data analytics to uncover transactions that crypto users assumed are hidden. As crypto and other virtual currencies have become...

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by Steven J Weil, PhD, EA, LCAM | Jun 23, 2021 | Blog, Personal Tax

Beginning July 15, the IRS will start sending taxpayers that filed 2019 or 2020 returns with qualifying children and advance payment of the Child Tax Credit. The payment will amount to ½ of the Child Tax Credit for 2021. The American Rescue Plan Act increased the...

Don’t mess with the Department of Labor and the Overtime Rules!

by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Payroll Preparation

Some Key West Restaurants recently found out that the Department of Labor means business when they were assessed $162,000 is back wages for overtime violations. Employers need to keep good records of hours worked, comply with wage and hour regulations and properly pay...

Bills from the Hill

by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Business Tax, Personal Tax

Below is a list tax bills introduced in Congress for which bill text became available between June 3 and June 10, 2021. The bill text for each bill can be accessed by clicking on the bill number. Individuals:  H.R.2304 – Save Social Security Act of 2021. To...

Uh Oh — Why did I get a letter from the IRS?!?

by Steven J Weil, PhD, EA, LCAM | Jun 2, 2021 | Blog, Personal Tax

You open your mailbox and see a “scary” looking letter addressed to you from the IRS. It’s a notice of payment due. What should you do? Do not automatically assume the letter is correct and submit payment to make it “go away”. There have been many recent tax law...
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Blog

Gig Economy Income Reporting Requirements

Mar 12, 2022 | Blog, Business Tax, Personal Tax

IR 2022-45, 3/1/2022 In an information release, the IRS has remined taxpayers of their reporting and potential tax obligations from working in the gig economy. Gig economy earnings are taxable. Generally, income earned from the gig economy is taxable and must be...

Fraud Blog

Feb 24, 2022 | Blog

Salem, Massachusetts: Resident Roosevelt Fernandez has pleaded guilty in connection with two schemes involving COVID-19 relief funds and tax returns for others. Fernandez applied for 10 EIDLs, either in his own name or in the names of entities he controlled. In June...

IRS Warns Child Tax Credit Portal May Have Wrong Amounts

Jan 31, 2022 | Blog, Personal Tax

Under the heading Not Quite Ready for Tax Season the IRS is urging people to use the information in their online taxpayer accounts for the most up-to-date figures on the amount of the advance Child Tax Credit to include on their tax returns -- instead of the numbers...

It’s Fraud

Jan 28, 2022 | Uncategorized

Charlotte, North Carolina: Resident Mehef Bey, a.k.a. Arthur Daniels, has pleaded guilty to conspiring to defraud the U.S. by promoting a nationwide tax fraud and assisting in the preparation and filing of false returns for the participants. Mr. Bey led taxpayers to...

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