Bitcoin mania is upon us. It has been widely publicized that the cryptocurrency, Bitcoin, has reached record highs in value over the past month. Investors are making nice profits with Bitcoin, and the IRS is trying…

What Should I Do?The Internal Revenue Service (IRS) will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, or may tell you about changes to…

This Guide covers the many notices that the Internal Revenue Service sends to individual taxpayers regarding tax audits.

IRS NOTICE NUMBER DESCRIPTION

CP11–Audits   This notice states that your return has bee…

Now that many taxpayers have filed their federal tax returns electronically and the IRS is back to processing paper tax returns sent by mail, they’re eager for details about their refund. When it comes to refunds, t…

What’s An IRS Account Transcript?What’s an IRS Account Transcript? The IRS keeps a database of information regarding each Tax Identification Number (TIN). The information is recorded on Account Transcripts, that show activity on the TIN for e…

With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have…

Who is Self-Employed?

Generally, you are self-employed if any of the following apply to you.

You carry on a trade or business as a sole proprietor or an independent contractor.You are a member of a …

Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return.

What the diffe…

I sent a payment to the IRS. Why did I get a bill?

If you mailed payment to the IRS on or before July 15, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. The IRS will…

Few things can generate as much taxpayer concern, confusion and controversy as an IRS audit.

Tax audits are a critical compliance tool to help ensure fairness in the tax system, and the IRS works hard to ensure…

The Taxpayer Advocate Service (TAS) reintroduces its website with a new design and layout featuring a new digitally interactive Taxpayer Roadmap.

The digital Taxpayer Roadmap features an interactive experience…

In today’s world of electronic streamlining and technological advances, there is an app for everything. And thanks to a forward thinking team at the IRS, the IRS now has one too. In fact, many users agree that u…

The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.

This is the third in a series of…

When filing a tax return, most married couples choose to use the status of Married Filing Jointly. There are typically few downsides to choosing this filing status and it can reduce the amount of income tax…

No one likes filing their taxes, but not filing them at all is never a good idea. The IRS is a powerful collection agency, and an unforgiving one. Getting on the bad side of the tax agency is not fun, and having…

Taxpayers are reminded that if they have yet to file their federal income tax return, they still have a variety of options that are available to them. Not only is the IRS website accessible to taxpayers, but…