by Aleksei Koutin on 14 Nov, 2017 - 0 comments

Coinbase, the San Francisco-headquartered bitcoin exchange on Friday, November 10th updated users regarding its IRS situation. Back in the Fall of 2016, Coinbase was summoned to provide identities and records of U.S. users and accounts but has fought back against the summons from the beginning. The company said that on Friday, it appeared in Federal Court to […]

by Aleksei Koutin on 08 Mar, 2016 - 0 comments

The Internal Revenue Service says it has seen a 400 percent surge in phishing and malware incidents this tax season. And the IRS said this week it has observed fraudsters are more frequently asking for personal tax information, which could be used to help file false tax returns. The combined number of incidents rose to […]

by Aleksei Koutin on 19 Jan, 2016 - 0 comments

Dear business owners. Please be reminded that commissions paid during tax year to individuals in excess of $600 must be reported on form 1099-Misc. Copy B and Copy 2 of the form must be sent to recipient(s) by February 1, 2016. We are on stand by for all withholding and income tax needs you may […]

by Aleksei Koutin on 25 Nov, 2015 - 0 comments

Yesterday, the IRS issued Notice 2015-82 that increases a business without an applicable financial statement to deduct up to $2,500 of repair expenses under the safe harbor limit, rather than capitalize and depreciate them. Previously, the limit was $500. It should be noted that this $2,500 is applied on a per invoice or per item […]

by Aleksei Koutin on 01 Apr, 2015 - 0 comments

Texas tax preparer has received a 36-month prison sentence after pleading guilty to preparing a false tax return. Preparer Kenny Iroegbu must also pay $323,046 in restitution to the Internal Revenue Service. The conviction stemmed from action Iroegbu took as a intern before 2005 and after starting his own business that year. As an intern, […]

by Aleksei Koutin on 17 Feb, 2015 - 0 comments

The Internal Revenue Service has opened an online directory of tax return preparers. The searchable directory is designed to help taxpayers find professionals with credentials and select qualifications. Lists include attorneys, CPA and Enrolled Agents and those who have completed requirement for the IRS Annual Filing Season Program. Searches can be conducted by and sorted […]