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Cryptocurrency Mining Tax

Cryptocurrency Mining & Taxes

The IRS has ramped up its tax collection efforts regarding cryptocurrency gains in recent months. The IRS makes this fact very clear in public statement IR-2019-132. Those suspected on having profited from cryptocurrency will receive a letter notifying them about tax debt compliance. Depending on the situation of a given recipient, amended or delinquent returns may be necessary. Cryptocurrency […]

Death and Taxes

Inevitable Death and Taxes

Taxes are truly one of the most irritating things around. When we grow up and start earning income, we soon realize that taxes are going to follow us forever. If you perform well in the labor market, you may enjoy a comfortable lifestyle, but you will also become well acquainted with Uncle Sam’s appetite for money. When […]

sales suppression

Sales Suppression Software Cases on the Rise

Sales suppression software cases are becoming more and more common. The use of sales suppression software, aka tax zapper software, involves software that modifies the reports generated by a point of sale, or POS, software system. Washington v. Sahagun The case we want to look at today involved a Washington State restaurant owner named Salvador […]

Bitcoin Tax Evasion

The Bitcoin Tax Evasion Crackdown

Cryptocurrency has come a long way. Its’ humble beginnings only go back to the late 2000s. When Bitcoin was first launched, individual Bitcoins were literally trading for just a few pennies. Now, after many ups and downs, Bitcoin has exploded in value. It currently trades at roughly $10,000 per unit. At its peak, it even traded at […]

Cryptocurrency FBAR

Cryptocurrency FBAR Filings

As we’ve discussed, IRS Notice 2014-21 clarified how virtual currency (or “cryptocurrency”) is classified for tax purposes. It didn’t, however, answer every tax-related question about virtual currency. In fact, there are still plenty of issues to work out. One such issue pertains to foreign cryptocurrency FBAR filing requirements. A Recognized Medium of Exchange? Virtual currency […]

Notice 2014-21

IRS Notice 2014-21 & Virtual Currency

In a previous article, we discussed in detail the content of a recently IRS statement on virtual currency, or cryptocurrency, tax collection. The statement, IRS Notice IR-2019-132, says 10,000+ letters will be sent out this month to individuals with virtual currency accounts. In its statement, the IRS also made reference to an earlier piece of material on […]

Virtual Currency Taxation

The IRS & Virtual Currency Taxation

The IRS recently released a statement discussing its latest attempt to enforce tax collection. The recent statement relates to cryptocurrency and non-crypto virtual currency taxation. The statement is IR-2019-132. It describes how the IRS is sending out over 10,000 letters to taxpayers as part of a tax enforcement effort. The letters is addressed to taxpayers […]

Student Loan Repayment

Student Loan Repayment Plans

On our blog, we’ve dedicated a few articles to covering different aspects of student loan debt. As we’ve discussed, this debt is quite substantial. In fact, it now surpasses most other kinds of consumer debts. Student loan debt is also very difficult to step away from. In 2005, Congress amended the law so that student loan debt can’t […]

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