Receiving a letter from the IRS can feel stressful. You may wonder what the notice means and what you should do next. Sometimes, the notice is about a missing form or an amount the IRS believes you owe. Other times,…
The Supreme Court recently ruled in Bittner vs. United States that federal law prescribes that maximum penalties for the non-willful failure to file a report are calculated per report, not per account. In Bittner, the Court was tasked with interpreting the…
In 2014, the IRS issued guidance explaining that virtual currency is treated as property for income tax purposes. It stated that tax principles applicable to transactions involving other types of property apply to virtual currency. In the last two years, the…