Category: Tax Law

Traders (or any taxpayer) may have heard the recent news that the IRS extended the filing deadline for 2020 taxes from April 15, 2021 to May 17, 2021. Traders (or any taxpayer), however, may be less aware about the tax implications surrounding cryptocurrency and IRS enforcement efforts. Virtual currency, also known as cryptocurrency, was a...

a.k.a. How can I settle with the IRS for “pennies on the dollar”? The IRS can be a fearsome creditor, levying bank accounts and other assets or filing liens to notify the public of your debt to the IRS.  On rare occasions, the IRS may seize your home or criminally prosecute you for willful failure...

As a general principle, employees may only deduct expenses as itemized deductions on Schedule A (“unreimbursed employee expenses”). This treatment causes several disadvantages. A more advantageous deduction occurs “above-the-line” which is not generally available to employees. Above-the-line deductions reduce a taxpayer’s adjusted gross income. An employee may deduct unreimbursed employee business expenses below the line,...

by: Kaczmarek & Jojola PLLC For nearly two decades taxpayers owed a tax refund from the government of Guam faced uncertainty as to the timing of their refund. While some taxpayers received an effortless prompt refund, other taxpayers faced years-long periods of waiting and pleading before receiving their refunds. In April 2011, frustrated taxpayers filed...

by: Kaczmarek & Jojola PLLC As part of last December’s transportation bill, Congress passed a new weapon in the I.R.S.’s collection arsenal – the authority to revoke or deny passports “in case of certain tax delinquencies”. Taxpayers with upcoming international trips should ensure federal income taxes have been paid or that adequate steps have been...

by: Kaczmarek & Jojola PLLC Filing income tax returns is never fun.  It becomes even more frustrating when your expected refund is held up due to an identity thief filing a false return and claiming a refund on your behalf.  As identity thieves have become more sophisticated, using techniques such as routing refund deposits directly...