Taxes and Tax Relief
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 […]
The Crypto-Currency Act of 2020 in Congress Sets More Clear Bounds for Crypto-Property
The federal regulation of cryptocurrency and other crypto-assets is an issue of major significance. Slowly but surely, the federal government and its many agencies have taken note of the growth of cryptocurrency and have attempted to exercise control and authority. We’ve discussed, for instance, the IRS’ public statements on the taxation of bitcoin and other […]
The Potential Negative Effects of Section 280E and One-Sided Marijuana Taxation
Back in 1981, a court case took place which involved a cocaine trafficker who attempted to assert his rights to deduct ordinary business expenses under federal tax law. Section 280E was created as a direct response to this case. As we’ve discussed in our previous post, IRC Section 280E forbids businesses which generate income from […]
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 […]
Can the IRS Take My Passport if I Owe Taxes?
The FAST Act If you or a loved one are among the hundreds of thousands of American taxpayers deemed to owe “seriously delinquent” tax debt, it is important to be conscious of the risks you are facing. Due to the Fixing America’s Surface Transportation (FAST) act, your passport may now be revoked if you’re liable […]