Managing Your Online IRS Account

Managing Your Online IRS Account

Many people do not realize that you can actually view your account profile for the IRS on their website and even request a transcript for a previous tax year. While this is highly convenient, you might be overwhelmed with information....
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Income Tax Responsibilities as an Independent Contractor

Income Tax Responsibilities as an Independent Contractor

Taxpayers who engage in the gig or sharing economy, (Uber, Lyft, TaskRabbit, AirBnB, etc.) and others classified as independent contractors have different federal tax responsibilities than someone classified as an employee. Generally, once a taxpayer receives a Form 1099-NEC or...
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Cryptocurrency Tax Basics

Cryptocurrency Tax Basics

Understanding the basis tax implication of cryptocurrency transactions can help individuals avoid issue with the IRS. There are three common transaction cycles with cryptocurrency: a Purchase-Sell Cycle, a Payment-Sell Cycle, and a Purchase/Payment-Exchange Cycle. Each transaction cycle has its own...
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What Was the Offshore Voluntary Disclosure Program?

What Was the Offshore Voluntary Disclosure Program?

In 2009, the Internal Revenue Service (IRS) opened up the Offshore Voluntary Disclosure Program – commonly abbreviated OVDP – as a means of encouraging willful violators who run the risk of criminal prosecution to safely come clean with their overseas...
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