Streamlined Domestic Offshore Procedures (China)
A U.S. citizen (“Client”) held certificate of deposit accounts for 9 years in China worth in excess of $1,000,000. Client’s accountant never reported taxable foreign income on Client’s U.S. tax returns. The accountant also failed to prepare or file FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR). DeWitt Law represented Client before the IRS to reach full filing compliance through the IRS streamlined domestic offshore procedures. Three…
$173,125 Income Tax Assessment Reversed
United States Tax Court – Taxpayer was audited by the IRS for tax year 2018. The IRS determined that the Taxpayer failed to report taxable income from the sale of his home, resulting in an additional tax assessment of $173,125 (excluding interest). DeWitt Law represented the Taxpayer and challenged the assessment by filing a petition in U.S. Tax Court. The Court entered an order reversing the tax assessment.
$58,650 Tax Debt Settled for $2,000
Memphis, Tennessee – Represented taxpayer who owed the IRS over $58,650. Tax debt was reduced to $2,000 through an accepted offer in compromise.
$1,420,838 CP2000 Assessment Reduced to $0
Tampa, Florida – Taxpayer received IRS Notice CP2000 proposing additional tax of $1,420,838, based on cryptocurrency trades reported to the IRS on Form 1099-K. Taxpayer challenged the proposed assessment but the IRS upheld it and issued a Statutory Notice of Deficiency. DeWitt Law represented Taxpayer and challenged the assessment in U.S. Tax Court, resulting in the assessment being reversed to $0.
$1,420,838 Income Tax Assessment Reversed to $0
United States Tax Court – Taxpayer was audited by the IRS after a third-party cryptocurrency exchange reported to the IRS gross proceeds the Taxpayer received from selling cryptocurrency. The IRS proposed additional tax of $1,095,708 plus penalties of $219,142 and interest of $105,988. DeWitt Law represented the Taxpayer and challenged the assessment in U.S. Tax Court. The Court reversed the assessment in full, resulting in $0 of additional tax owed.