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Category: IRS

Cryptocurrency and the IRS

The IRS recently secured a major legal victory against Coinbase, a cryptocurrency exchange, in its pursuit to enforce U.S. tax laws against investors. In late 2017, a federal district court ruled in favor of the IRS, ordering Coinbase to disclose investor information for those with “at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013 to 2015…

5 Reasons Why Choosing the Right Tax Preparer Matters

Tax filing season is upon us. For the next four months or so, our televisions will be dominated by tax preparation commercials reminding us of the imminent April 15th deadline to submit our tax returns. Peace of mind is important to many taxpayers who might not trust themselves with properly identifying all available deductions and loopholes. That’s why the tax preparation industry brings in billions of dollars every filing season….

Tyler DeWitt Featured on Fox 17 Nashville

Fox 17 News Nashville recently featured Tyler DeWitt of DeWitt Law in a story about the newly unveiled GOP tax plan and how it may save taxpayers time and money: “A lot of this is kind of just smoke and mirrors to some degree, DeWitt said. “All aimed at trying to simplify things. Not necessarily saving a significant amount of money but just simplify how you’re doing your taxes.” –…

How Does the IRS Calculate Penalties and Interest?

The Internal Revenue Service is well known for its enforcement of stiff penalties and interest for tax liabilities. In fact, some of the first questions I get from prospective clients facing federal tax debt are along the lines of “How much of this bill is penalties and interest” or “Is there any way you can remove the penalties and interest”. The most common penalties imposed by the IRS are (1)…

What You Need to Know About Tax Relief Companies

We’ve all heard, ad nauseum, the constant television and radio commercials from tax relief companies claiming they can settle your tax debt for “pennies on the dollar” while prompting you to call some 1-800 number. These companies often refer to the IRS “Fresh Start” program and mislead taxpayers by saying they qualify for an IRS hardship or settlement program, a determination that is ultimately made by the IRS. The Federal…

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