Blog Archives

Virtual Currency Tax Implications – IRS Notice 2014-21

The question of the moment is whether virtual currency is here to stay or simply a passing fad, the 8-track player of modern day finance.  IMHO the answer is probably a little of both. For sure private money is here

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Posted in Business Income, Capital Gain, Capital Loss, Self Employ, Virtual Currency

Small Businesses Receive IRS Letter 5036 – Under Reporting of Income

The IRS has over the last week or so started sending Letter 5036 to small businesses questioning the possible under reporting of income. The letter looks intimidating as it's header states "Notification of Possible Income Under reporting" and starts with "Your gross

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Posted in Income, IRS Collections, IRS Enforcement, IRS Examination, Tax Abuse, Tax Guidance & Preparation, Tax Problems & Requests

IRS Form 1099-K Banks Not to be Penalized for Reporting Information Incorrectly

Okay this blew my mind today. The IRS is providing special relief to banks and other 'payment settlement entities' required to begin reporting payment card and third-party network transactions to the IRS on new Form 1099-K. Payers (Banks) have to

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Posted in Tax Guidance & Preparation, Tax Problems & Requests
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