March 21, 2023
The Internal Revenue Service (IRS) requires all individuals, including foreign nationals, to pay taxes on…
The Internal Revenue Service (IRS) requires all individuals, including foreign nationals, to pay taxes on income earned in the United States. If you are a foreign national who does not have a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN), you must obtain an ITIN to comply with IRS regulations. Applying for…
As a small business or LLC owner in Chicago, managing income taxes can be a daunting task. The tax system is complex, and some many rules and regulations can be difficult to navigate. Filing taxes accurately and on time is crucial to avoid costly penalties and fines. That’s why seeking professional income tax services is…
What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration…
Court Authorizes Service of John Doe Summons Seeking the Identities of U.S. Taxpayers Who Have Used Virtual Currency A federal court in the Northern District of California entered an order today authorizing the Internal Revenue Service (IRS) to serve a John Doe summons on Coinbase Inc., seeking information about U.S. taxpayers who conducted transactions in…
Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns. What is Virtual Currency? Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store…
The popularity of cryptocurrencies and the widespread adoption of many crypto assets made 2021 a significant year for cryptocurrencies. This is clear from recent research by Grayscale Investments, which showed that more than half of Bitcoin investors just recently began investing in virtual currency. Investors saw several highs and lows throughout the 2021 cryptocurrency boom,…
What’s new and what to consider when filing in 2022 Most people generally only interact with the IRS when they file their individual income tax return, and certain people haven’t had to file returns in the past but need to now because of new stimulus and tax credit payments. This year it’s critically important to…
DO NOT Get Audited by the IRS: Hire Licensed Professionals for Online Tax Filing Incorrectly filing your taxes can lead to paying thousands of dollars to the IRS later. The IRS audits one million tax returns each year, and if you’re earning over $100,000 a year or claiming no income, you’re at an increased…
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