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Hot TopicsPosted in on November 30, 2020
Have you received a CP2000 tax notice from the Internal Revenue Service (IRS) pertaining to your income tax liability for cryptocurrency trades or investment activity? If so, you are not alone. The IRS is sending these notices to U.S. taxpayers who are suspected of underpaying their federal income tax liability, and there have been reports of large volumes of these notices being issues in recent weeks. Our New Jersey tax lawyers have been following these developments closely and are available to represent individuals and businesses that need help dealing with the IRS.
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Hot TopicsPosted in on October 30, 2020
While the COVID-19 crisis has had a substantial impact on New Jersey’s economy, and while many businesses have been forced to shut down, some companies are thriving. For those that are, the risk of facing a federal tax fraud investigation is a very real concern.
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Hot TopicsPosted in on August 31, 2020
On March 5, 2020, the Internal Revenue Service (IRS) announced the formation of a new Fraud Enforcement Office within its Small Business/Self-Employed Division. While the COVID-19 crisis has put many things on hold, the Fraud Enforcement Office’s director, Damon Rowe, recently told Law 360 that the office is on pace to open as scheduled:
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Hot TopicsPosted in on May 5, 2020
As 2020’s revised Tax Day approaches, New Jersey taxpayers who bought, sold or used cryptocurrency in 2019 are likely to find that complying with their income reporting and tax payment obligations presents a challenge. Even though the Internal Revenue Service (IRS) has acknowledged that its guidance on cryptocurrency reporting has been less than clear, it has also clearly signaled its intent to target individual and corporate taxpayers that fail to accurately report and pay what they owe.
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Hot TopicsPosted in on April 30, 2020
The IRS’s recently announced the formation of a new Fraud Enforcement Office housed within its Small Business/Self Employed Division. This new office will be specifically targeting tax fraud perpetrated by small businesses, and the Small Business/Self Employed Division’s Commissioner has stated that the Division will be enhancing its fraud enforcement efforts in 2020.
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