The IRS Has Its Eyes on Cryptocurrency

The IRS already knows that many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS recently issued warning letters to over 10,000 taxpayers it suspects might have an under-reporting problem. So, if you own cryptocurrency, please keep reading for important information.

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What You Need to Know About Foreign Account Reporting Requirements

Do you have a financial interest in, signature, or other authority over any foreign financial account? If you do, don’t forget that you’ll need to report that relationship by filing FinCEN Form 114. While the due date for 2018’s report was April 15, 2019, there was an automatic six-month extension to October 15, 2019. If you fail to file you may face harsh penalties.

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IRS Audits: Are You Next?

Have you ever wondered what the odds are of your return being audited? This is somewhat of a mystery to taxpayers and unfortunately there is no concrete answer. Audits are generally selected at random, but there are a few things that may flag your return for an audit.

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Don’t Forget Your Mid-Year Payroll Withholdings Check-Up

As we officially enter the second half of the year, we’d like to remind you to perform a check-up on your tax withholdings. You probably know that many taxpayers were surprised with either reduced refunds or higher taxes due when they filed their 2018 taxes. Why did this happen? Because their 2018 income tax withholding was not sufficient throughout the year.

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Why You Should Never Take on the IRS Alone

It’s another normal day at the office, until you receive a letter from the IRS. You’re being audited. What do you do now? The first thing you should do is call your tax advisor! While you might be up to navigating an audit on your own, there are many reasons why utilizing a professional’s help will make or break the outcome of your audit.

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5 Lessons Learned from the 2018 Tax Season

We’ve worked hard all fall and winter to help our clients prepare for April 15th, but how will our collective efforts pan out? While the work of tax season is fresh in our minds, we wanted to share our insights into the lessons learned during Cray Kaiser’s 47th tax season.

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