Dropdown button for navigation mobile view

Blog

IRS launches tool to help non-filers register for Economic Impact Payments

Posted by: Zaher Fallahi

Source: IRS, April 10, 2020 To help millions of people, the Treasury Department and the IRS launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool, developed in partnership between the IRS and the Free File Alliance, provides a free and easy option designed for […]

Read Full Post

Zaher Fallahi; Coronavirus Aid, Relief and Economic Security (CARES) Act

Posted by: Zaher Fallahi

As the Coronavirus (COVID-19) continues to affect local communities and global economies, you may have concerns about your company’s financial well-being as well as the well-being of your employees. Or you may be wondering about how the recently passed legislation impacts you and your business. Below is a summary of some of the key provisions […]

Read Full Post

2019 Frequently Asked Questions (FAQs) regarding taxpayers holding Cryptocurrency as capital assets

Posted by: Zaher Fallahi

On October 9, 2019, the IRS announced the following Frequently Asked Questions (FAQs) that apply to taxpayers, who hold Cryptocurrency as a capital asset.  Almost everything you own and use for personal purposes, pleasure, or investment is a capital asset. For example (1) Stocks and bonds, (2) A home owned and occupied by you and […]

Read Full Post

South Korean National and Hundreds of Others Charged Worldwide in the Takedown of the Largest Darknet Child Pornography Website, Which was Funded by Bitcoin

Posted by: Zaher Fallahi

Source: IRS- Criminal Investigation (“IRS-CI”) (Emphases added by Zaher Fallahi) October 16, 2019 South Korean National and Hundreds of Others Charged Worldwide in the Takedown of the Largest Darknet Child Pornography Website, Which was Funded by Bitcoin Dozens of Minor Victims Who Were Being Actively Abused by the Users of the Site Rescued Jong Woo […]

Read Full Post

IRS does not send unsolicited emails

Posted by: Zaher Fallahi

Security Summit warns of new IRS impersonation email scam; reminds taxpayers the IRS does not send unsolicited emails Source: Issue Number:    IR-2019-145 WASHINGTON — The Internal Revenue Service and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. Remember: the IRS does not send […]

Read Full Post

Individuals with significant tax debt should act promptly to avoid revocation of passports

Posted by: Zaher Fallahi

Source: IRS Number  IR-2019-141 The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Under the Fixing America’s Surface Transportation (FAST) Act, the IRS notifies the State Department (State) of taxpayers certified […]

Read Full Post

Txpayer Bill of Rights

Posted by: Zaher Fallahi

Taxpayer Bill of  Rights Source: IRS Issue Number:    IR-2019-44 Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. 1-The Right to Be Informed Taxpayers have the right to know what they need to do to comply […]

Read Full Post

IRS has begun sending letters to virtual currency (cryptocurrency) owners

Posted by: Zaher Fallahi

Source: IRS, IR-2019-132, July 26, 2019 IRS has begun sending letters to virtual currency (cryptocurrency) owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts WASHINGTON — The Internal Revenue Service (IRS) has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the […]

Read Full Post

Taxpayer Bill of Rights

Posted by: Zaher Fallahi

Taxpayer Bill of  Rights Source: IRS Issue Number:    IR-2019-44 Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. 1-The Right to Be Informed Taxpayers have the right to know what they need to do to comply […]

Read Full Post

New FinCEN Guidance Affirms Its Longstanding Regulatory Framework for Virtual Currencies and a New FinCEN Advisory Warns of Threats Posed by Virtual Currency Misuse

Posted by: Zaher Fallahi

Source: FinCEN Public Affairs, 703-905-3770 Immediate Release May 09, 2019 WASHINGTON—To provide regulatory certainty for businesses and individuals engaged in expanding fields of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC). The guidance is in response to questions […]

Read Full Post