IRS Sending Letters Based on Cryptocurrency

Theresa FerroneBlog

In 2017 the IRS won its fight with Coinbase, a cryptocurrency exchange, and recieved information on customers who traded cryptocurrency. On July 26th the IRS announced that they’re sending letters to individuals who may need to file or amend their returns to report cryptocurrency transactions. The IRS notice states: The Internal Revenue Service has begun sending letters to taxpayers with … Read More

Close to Home: Sandy, Utah Resident convicted of Tax Evasion

Theresa FerroneBlog

Former attorney and former IRS employee Craig P. Orrock has been convicted of tax evasion and obstructing internal revenue laws. According to court documents and evidence, starting in the early 1990s Orrock, currently of Sandy, Utah, evaded payment of federal income taxes and obstructed IRs efforts to collect those taxes. He filed federal individual income tax returns for the years … Read More

A Preparer’s Fraud Gives IRS More Leeway to Go After the Taxpayer: IRS has unlimited time to assess tax

Theresa FerroneBlog

A preparer’s fraud gives the IRS unlimited time to assess tax and penalties. The IRS has 3 years to make adjustments to your income tax return; however, the three- year statute of limitations doesn’t apply in this situation. Even though the tax preparer (not the tax payer) was responsible for issuing a fraudulent income tax return. The Tax Court addressed … Read More

New Tax Return Form for Seniors: The 1040-SR

Theresa FerroneBlog

The IRS has released a draft for the new tax return form for seniors, the 1040-SR. The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 and required that the IRS create and publish Form 1040-SR to make filing simpler for individuals 65 and older. To qualify to use the 1040-SR you must be over the … Read More