Anderson & Jahde

If you have unfiled federal income tax returns, you might receive a personal visit from an IRS employee.  The IRS recently announced that it hired additional Revenue Officers (IRS collection employees) who will be making house calls to taxpayers missing one or more returns in a prior year, and who earn over $100,000.  These unannounced visits began in February 2020. The IRS has already contacted these non-filers by correspondence (generally by mail), notifying them of missing returns, so they should …

Unfiled Tax Returns and IRS Visits Read More »

What happens with your cryptocurrency if you get disabled or die?  Cryptocurrency is hard to keep track of during life and at death, and many people do not understand this type of digital asset.  The importance of keeping track of your cryptocurrency during life involves keeping good records of your trading history, choosing the right exchanges and being secure, staying aware of updates on exchange policies and tax law, and tracking wallet addresses for coin, token, and mining transactions.  How …

Do you Need A Cryptocurrency Trust? Read More »

We are frequently asked about the tax consequences of receiving a judgment or settlement in a lawsuit.  Damages received as the result of a breach of contract or property damage have always been, and continue to be, taxable.  For personal injury actions, however, the tax consequences have changed quite a bit over the last 20 years. Prior to 1996, if someone received an award for personal injuries, other than punitive damages, all amounts received were not taxable and/or were excluded …

Taxation of Litigation Awards and Deductibility of Attorneys’ Fees Read More »

You owe the IRS money.  You know you owe the IRS money.  You may have even set up an installment agreement with the IRS that you have been faithfully paying for a while.  But the next thing you know, your phone is blowing up, and your mailbox is overflowing with unsolicited ads from any number of the thousands of “tax resolution” or “tax relief” companies around the country. The messages take many forms.  Some seem to be nice and helpful …

Beware of Tax Resolution Companies Read More »

The IRS recently began sending letters to virtual currency owners, notifying them of potential failures to include, or correctly report, virtual currency transactions on their income tax returns.