K is for Knowing Your Rights
The Taxpayer Bill of Right The protection and fundamental rights you have with the IRS The IRS has adopted a Taxpayer Bill of Rights, as proposed by National Taxpayer Advocate Nina Olson. It applies…
J is for Jeopardy Assessment
Overview: Jeopardy assessments are made in situations where, prior to the assessment of a deficiency, it is determined that the assessment or the collection of such deficiency would be endangered if…
COVID-19 Disaster Loan
SFS Tax & Accounting Services has an update on financial help and the latest on the Corona COVID-19 drama with financial news you can really use. COVID-19 Disaster Loan Assistance - This…
Time to Come Clean About Your Cryptocurrency Holdings
After years of flying under the radar, taxpayers who hold Bitcoin, Ethereum, Litecoin, and other cryptocurrencies are finally getting scrutinized by the IRS its time to come clean about taxes on…
I is for Innocent/Injured Spouse Relief
I is for Innocent/Injured Spouse Relief – The Takeaway: When you file a joint return, you and your spouse share in the responsibility to pay the tax. The IRS can collect against each of you…
H is for Handling an IRS Audit
Handing an IRS Audit – IRS audits are rare these days. State tax authorities also conduct audits. Sometimes tax audits are random, but the IRS usually selects taxpayers based on suspicious…
A Valentine's Day Did You Know
Valentine's Day Chocolates, flowers, cupid, and hearts are all associated with Valentine's Day. According to the National Retail Federation, Americans now spend more than $20 billion lavishing…
How To Stop an IRS Levy
How To Stop an IRS Levy - Of all the creditors or companies you might owe money to, the Internal Revenue Service can be the least forgiving about the money you owe them. If you don't pay your taxes,…
I Didn’t Report My Crypto Trades On Prior Year's Tax Return?
What Do I Do? I Didn’t Report My Crypto Trades On Prior Year's Tax Return? In 2014 the IRS determined that cryptocurrency was property for tax purposes. There are well-established rules for how to…
