Receiving notice of audit from the Internal Revenue Service is the kind of news that no one hopes to get. Even if you have nothing to hide, it is never convenient to make time for an audit and submit your finances to additional scrutiny.
If you have tax debts, you probably want to figure out how to get out of them at the least cost to you. If you don't address the debts, you could find yourself in trouble with the Internal Revenue Service.
The value of Bitcoin has soared over the last month, meaning that numerous Maryland residents who benefited from the soaring prices will face large tax bills if they cash in on their profits. This begs the question: Is there a way to bypass capital gains on these transactions?
When your business obtains a large cash payment, it may be that you need to file Form 8300 to disclose the payment. This form is specifically used to identify payments going to businesses in the amount of $10,000 or more.
You've been playing poker for years. You started when you were a teen, playing with your friends for fun. No money changed hands. You learned the ins and outs of the game, though, and found you were really good.
In recent weeks, bitcoin investors have watched as this cryptocurrency has shed a substantial amount of its value. This isn't uncommon. All currencies tend to fluctuate in value when compared with other currencies. Even the United States dollar can go into periods of increased or decreased international value. Those who own substantial amounts of bitcoin can likely look forward to it regaining some, if not all, of the recently lost value in upcoming weeks.
You never expected to owe back taxes to the IRS. It just happened due to a series of oversights.
You live overseas, but you do spend some time in the United States every year. You want to know if you qualify for the Foreign Earned Income Exclusion, or the FEIE.
Your income taxes are probably something you only think about in the late winter or early spring when you file your return. If you are employed and use a W-4, your employer handles the withholding and payment of your taxes from each pay period. It's important to note that the amount your employer withholds is directly related to the forms you fill out.
As someone who has foreign accounts in counties other than the United States, it's important that you understand the Foreign Account Tax Compliance Act (FATCA). This is an important act that was created to help eliminate tax evasion by those holding accounts outside the United States.