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IRS Solicitation for Outside Expertise in CryptoCurrency Audits (5/31/20)

There are reports that the IRS has sent out a “Statement of Work” soliciting assisting from contractors to help with audits involving potential cryptocurrency transactions.  See Guinevere Morre, Got Cryptocurrency? Get Ready For An IRS Audi (Forbest Editors’ Pick 5/29/20), here; and IRS Soliciting Contractors to Help Audit Crypto Tax Returns (CryptoTrader.tax blog), here(with a […]

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Revised IRS Form 14457 for Voluntary Disclosure Preclearance (5/29/20; 7/17/20)

In April 2020, the IRS revised its preclearance form for voluntary disclosure – Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, here.  I have not compared the new form with the old, so cannot point out the differences.  I do note that the instructions (beginning on p. 6 of the 14 page form) has […]

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District Court Rejects Defendant’s Creative Claim that Alleged Overpayments of Other Taxes Precludes Criminal Liability (5/28/20)

In United States v. Hamdan (E.D. La. Dkt. 19-60 Order Dated 5/22/20), here, the Court denied the defendants’ motion to dismiss most of the counts in their 74-count Superseding Indictment charging (i) the conspiracy by “evading paying federal income and employment taxes” (not clear whether an offense conspiracy or defraud/Klein conspiracy charge or both, but […]

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Confusion as to Sentencing Guidelines Tax Loss and Civil Tax Loss Requires Remand and Resentencing (5/21/20)

In United States v. Brannum (9th Cir. Unpublished 5/12/20), here, the Ninth Circuit reversed and remanded a case because of the prosecutor’s violation of the plea agreement as to the amount of the tax loss.  Readers will recall that, in the Sentencing Guidelines’ calculation of the offense level and sentencing range, the principal component in […]

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The New and Improved Form W-4: How it Affects Your Tax Refund

Form W-4, which instructs your employer on how much tax to withhold from your paycheck, received a makeover at the start of 2020. It’s the first major redesign of the form in 33 years, dating all the way back to 1987. The adjustments simplified the form and implemented the tax code changes that went into […]
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The CARES Act Impact on Small Businesses

After some short deliberation in Congress, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27. At TaxAct, we have spent countless hours reading the law, viewing informative webinars, digging through analysis, and making direct contact with the IRS. While there will be continued clarification around the law, including […]
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