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Crypto Tax Investigations Ramp Up

Crypto Tax Investigations Ramp Up

The IRS claims its Criminal Investigation (CI) division can trace any crypto transaction and has used those capabilities to double crypto seizures. Among those cases, about half are tax related. Things started to heat up in 2022 when the IRS announced it was building...

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IRS Can Peek at Certain Bank Accounts Without Notice

IRS Can Peek at Certain Bank Accounts Without Notice

The U.S. Supreme Court has unanimously ruled that the IRS can, without notice, review the bank accounts of third parties associated with delinquent taxpayers. The decision was part of Polselli v. Internal Revenue Service, a case involving an underpayment of more than...

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Alternative Cost Method Updated with Easier Tax Advantages

Alternative Cost Method Updated with Easier Tax Advantages

The IRS recently updated the optional rules for real estate developers to determine when common improvement costs may be included in the cost of individual units held for sale. It’s known as the Alternative Cost Method (ACM), and it was modified with Revenue Procedure...

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Petitioning the IRS, Beyoncé Style

Petitioning the IRS, Beyoncé Style

You have the right to disagree with the IRS, and superstar performer and business mogul Beyoncé Knowles-Carter is serving up some high-profile proof. Knowles-Carter is contesting nearly $2.7 million in IRS taxes and penalties that were recently accessed by the IRS....

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New IRS Warnings on Employee Retention Credit

New IRS Warnings on Employee Retention Credit

Just when you thought COVID-era tax breaks were in the past, you get a call from a “tax advisor” who tells you that you may have overlooked a beneficial Employee Retention Credit (ERC) opportunity. But don’t worry, it’s not too late! For an upfront fee or a fee...

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Are Texas Business Inventory Tax Changes Ahead?

Are Texas Business Inventory Tax Changes Ahead?

We’ll soon find out if Texas lawmakers are on board with lowering the state’s notable inventory tax bill for small businesses. Texas lawmakers are contemplating a record-breaking budget surplus of nearly $33 billion. Most agree that tax cuts are in order—but now they...

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