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  • Fraud – Continuing to Pull Back the Curtain on Federal Relief Abuses
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    Fraud – Continuing to Pull Back the Curtain on Federal Relief Abuses

    The last two years saw one of the biggest frauds in U.S history. Recording a theft of more than $80 billion dollars intended to help those affected by the Covid-19 Pandemic. Almost 10 percent of the 800 billion dollar fund given out for the Paycheck Protection Program or PPP under the COVID relief plan was […] More

  • Developments in State Taxation and Incentives for Crypto Mining
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    State Taxation and Incentives for Crypto Mining

    Crypto mining has become one of many recent technological advancements due to the cryptocurrency boom. Numerous governments have taken the lead in encouraging these enterprises from a tax and regulatory viewpoint. Many governments are grappling with new concerns related to crypto mining. And this article will focus on how a state may encourage the establishment […] More

  • What To Do If Your Tax Records Are a Mess?
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    What To Do If Your Tax Records Are a Mess?

    Most people believe that the pace of work for tax professionals slows down after Tax Day. But the pace accelerates. And one of the reasons is the mistakes that sometimes happen due to your tax records being a mess when you file your tax return. You might get a revised 1099 in the mail following […] More

  • The 5 Biggest Misconceptions about ERC

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    The 5 Biggest Misconceptions about ERC

    Businesses across the country have yet to evaluate the 2021 Employee Retention Credit (ERC). Or have assumed that they are ineligible. As a result, a substantial sum of money is still being paid to the federal government when it could be spent on businesses in need. The maximum ERC amount in 2021 was $7,000 per […] More

  • The Difference between Money Laundering, Tax Evasion, and Tax Fraud

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    The Difference between Money Laundering, Tax Evasion, and Tax Fraud

    Tax fraud, tax evasion, and money laundering can seem similar, if not the same, to laypeople. As a result, they assume the legal penalty for all three offenses is the same. But that’s not true. Although tax fraud, evasion, and money laundering fall under the umbrella of tax abuse, they are not one tax crime […] More

  • How Federal and State Governments Prove Willful Tax Evasion

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    How Federal and State Governments Prove Willful Tax Evasion

    There is a thin line between tax avoidance and tax evasion. Tax avoidance is when an individual deliberately plans their tax payments to lower their tax bills and avail maximum benefits. On the other hand, willful tax evasion is when individuals escape paying the taxes they owe by unlawful means. Such as hiding their real […] More

  • 7 Things You Should Do Before Year-End to Reduce Your 2021 Tax Bill
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    7 Things You Should Do Before Year-End to Reduce Your Tax Bill

    The end of the year is all about holidays. So who wants to burden themselves thinking about the huge tax bill they have to pay? What if a few simple financial decisions you make before the year-end can save you thousands of dollars? As well as, reduce your tax bill. Putting in some effort into […] More

  • New IRS Policy Will Affect CashApp Business Transactions
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    New IRS Policy Will Affect CashApp Business Transactions

    Millions of people use monetary transaction applications like PayPal, Venmo, and CashApp. They are going to be the target of the new IRS policy that will be implemented in 2022. CashApp allows business owners to receive unlimited money through their business accounts. The platform charges 2.75% per transaction. When an individual uses a cash card […] More

  • What to do if you are a victim of tax identity theft?
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    What to do if you are a victim of tax identity theft?

    So, you try to file your tax returns, and to your utter dismay, you find out that someone has already filed their tax returns using your social security number. If you stumble upon these unfortunate circumstances, then you are a victim of tax identity theft – or, to be more specific, stolen identity refund fraud. […] More

  • What You Need to Know About Offshore Tax Investing
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    What You Need to Know About Offshore Tax Investing

    Offshore investment is often considered an illegal activity. Primarily due to the role that the media has played in painting this picture. And while there may be a few investors who illegally stash their money in an offshore company on the Caribbean islands. That’s not always the case. Most offshore investing is legal, and as […] More

  • Tips from IRS Security Summit to Reduce Identity Theft
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    Tips from IRS Security Summit to Reduce Identity Theft

    Identity theft or fraud is on the rise. This is particularly concerning for the tax community as identity thieves continue to target them. After all, businesses are a more tempting target for identity thieves compared to individuals for obvious reasons. They have higher credit limits, more substantial bank accounts, and more transactions regularly. As identity […] More

  • Can an FBAR Penalty be Reduced or Eliminated Through an IRS Offer in Compromise
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    Can an FBAR Penalty be Reduced or Eliminated?

    When you go to file your yearly tax returns, you are probably aware of the amount of taxes owed to the Internal Revenue Service (IRS). But many taxpayers are completely unaware of FBAR penalties that the IRS can charge against them. Especially if those FBAR penalties are delinquent or omitted. If your omission is willful, […] More

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