IRS Statute of Limitations: How Far Back Can The IRS Audit You?
You have received an IRS audit letter via certified mail. You’ve never been audited before. And, you are worried about what this means for you or your business. After the initial shock wears off, you will no doubt start thinking about what an IRS audit actually is. No doubt you grabbed your smartphone or laptop […]
Boxelder Consulting’s Complete Guide to PPP Loan Forgiveness
What is the PPP The Paycheck Protection Program originated as part of the CARES Act, which was signed into law on March 27. The initial $350 billion was depleted within a month, after which Congress replenished the bill with an additional $310 billion under the “Paycheck Protection Program and Health Care Enhancement Act.” Here are […]
IRS Collections and the COVID-19 Pandemic
Like most people, the team at Boxelder Consulting is still coming to grips with the jolting shift in reality we’ve all experienced in just three or four short weeks. The COVID-19 public health crisis has hit us all hard, and the resulting economic fallout could take months, if not years, to recover from. As the number […]
4 Factors That Can Cause Tax Refund Delays
The arrival of tax season has brought about one of the chief concerns of the year for most people throughout the country: tax refund checks. For many Americans, tax refund money is one of the most significant sources of additional income during a given year. The majority of tax refund checks are between $2,000 to […]
What These Two Cases Could Tell Us About the Future of Section 280E and Cannabis Taxation
The cannabis industry continues to change rapidly throughout the United States. Many states, including Washington State and Colorado, have legalized marijuana for both recreational and medicinal purposes. Other states have legalized marijuana strictly for medicinal purposes but may permit recreational use in the future. Because the recreational cannabis industry is relatively new, the industry still […]
Basic Tax Treatment of Cryptocurrency in IRS Notice 2014-21
Cryptocurrency is Classified as Intangible Personal Property The tax issues of cryptocurrency have been very prominent in the media lately. Slowly but surely, the IRS is catching up with the cryptocurrency world and is beginning to nail down the finer points of cryptocurrency taxation. These days, there are lots of people who have cryptocurrency holdings […]
The IRS sent me certified mail to seize my property – now what?
Last Updated: February 24, 2022 As we saw in our previous post, the IRS is willing to make a deal when it comes to collecting its debts. The IRS gives taxpayers multiple ways to take care of their tax debt and rebuild their financial lives. Unfortunately, not every taxpayer takes the initiative to contact the IRS and […]
How much will the IRS settle for? Key facts about IRS Settlements and Offers in Compromise
If you find yourself grappling with a tax deficiency at the end of a given tax year, the first thing you should do is avoid panicking. You have options to choose from to deal with this problem. The IRS is serious when it comes to collecting its debts, but they are willing to make a deal if […]
What the Government Shutdown Means for Taxpayers with IRS Debt
Do you hear what I hear? It’s not the sound of Santa’s sleigh or sweet carolers singing. Instead, this holiday season has ushered in the year’s third government shutdown and, as the saying goes, all through the House, not a creature was stirring, not even a mouse. Since the IRS is a bureau of the […]