Crypto-Taxation: Uncle Sam’s Cut of Your Tokens 17 Jan 2022, 9:31 pm

Crypto-Taxation

Cryptocurrency has been making the news recently, with some stratospheric records being set in one week and breathtaking price plunges occurring the next. More and more people are investing and exploring the world of cryptocurrencies. While mainstream adoption of any given currency is still well behind what their advocates would like to see, there are more ways to spend and use your crypto coins. 

Whether you are investing in the next meme-coin hoping for early retirement, looking for long-term growth investment, or using the coins you recently mined to pay for rent, you need to be aware of the tax ramifications. This article will give you an introduction to how cryptocurrencies are treated by the Internal Revenue Service so that you can be more informed on how your latest transaction will affect you.

Cryptocurrency is an Asset – Not Currency

What does this mean? One dollar will always represent one dollar when you use fiat currency, like the US Dollar. You do not have to worry about foreign exchanges fluctuating the dollar value when you want to buy a pack of gum. But for cryptocurrency, it means that any time you dispose of a coin, either by selling it for fiat currency, trading it for another coin, or using it to pay for a good or service, you will have a taxable event that may give rise to a gain or loss. Let’s look at a few examples. 

In April, you used your tax refund to buy a single bitcoin when the price was $45,000. That price becomes your basis in that asset, crucial for later. A few months later, you are excited about the new release of Dogecoin and trade your Bitcoin for an appropriate amount of Dogecoin. At the time of that transaction, Bitcoin was priced at $52,000. You now have a taxable event that will give rise to a short-term capital gain. The total amount of the gain is the amount you received, effectively $52,000 less your basis in the coin, or $45,000. The result is a $7,000 gain. Since you held it for less than a year, it is taxed at your regular individual income tax rate, potentially up to 37%, or $2,590. 

As we can see from this example, it is vital to track your transactions. If the above scenario had changed, such that you purchased half of a Bitcoin at $45,000 and the other half at $50,000, then the gain when you sold the whole coin at $52,000 would have only been $4,500, significantly reducing your tax bill. 

When using cryptocurrency to pay for goods and services, you will need to determine the fair market value of the good or service to determine your profit or loss. If you use Bitcoin to buy a brand new Tesla that usually sells for $60,000, you will use the car’s fair market value less your basis to determine the gain or loss. 

But isn’t cryptocurrency anonymous? How will the IRS know?

The secrecy around who owns and uses cryptocurrency is eroding quickly. The IRS has successfully collected information from some of the major crypto exchanges showing who has been using the exchanges via John Doe Summons. This has provided the IRS with a treasure trove of information that they can use to start investigations. 

In addition to the information already collected, Congress recently passed a law that will require exchanges and brokers to report the name, address, and phone number of each customer, the gross proceeds from any sale of digital assets, and capital gains or losses. The same bill also requires banks and companies that receive more than $10,000 worth of cryptocurrency to report it separately. These reporting requirements are not yet effective but coming soon. 

Finally, the IRS also requires self-reporting on the form 1040 via the first question on the form. Ignoring this question and being caught by the IRS could lead to severe consequences, potentially including criminal charges. 

When the IRS combines all of these sources of information, it becomes very likely that they will be able to figure out if someone is not reporting their crypto-assets. 

If you have any questions or need help with an IRS examination of your crypto-trading, you can get in touch with us.

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What Are the Consequences of Not Paying Back Taxes? 31 Dec 2021, 3:43 pm

Paying taxes can be a stressful situation especially if you’re having difficulty financially or if your tax situation is much more complicated than a simple W-2. Due to these two issues, it’s actually quite common for Americans to get behind on their taxes and have back taxes they own to the IRS. Although it’s very rare for the IRS to send you to prison/jail for not paying your taxes, there are definitely other consequences that can occur. 

Whether you’re predicting you’ll have trouble paying taxes for the upcoming season, find yourself a little behind, or are even years behind, you should consult a back taxes lawyer in New Haven, CT is a safe bet and you can do so by contacting Barlow Tax Solutions! 

The Consequences of Not Paying Back Taxes 

Back taxes are simply taxes that were not completely paid during the year they were due. Reasons for not paying taxes may include failure to pay by the due date, failure to adequately report one’s own income, or simply negligence in filing altogether. Luckily, back taxes are a common issue that the IRS faces and generally they’re willing to work with people without too many issues. However, failure to pay back taxes (especially without any sort of communication) may result in several consequences including receiving notices in the mail:

• The RS Automated Collection System (ACS) Becomes Activated: This automatic system will be activated and its main purpose is to collect back taxes. The system can do this by issuing liens, levying bank accounts, and even garnishing wages as a result of your back taxes. 

• Having Interest on Your Tax Balance: Failure to pay your back taxes and/or communicate your situation may result in your tax account being charged interest. This rate is determined quarterly as well as a federal addition of three percent and you’ll be charged interest every month. 

• Can be Charged Penalties: In addition to accruing interest, you’ll also have to pay penalties. These often start out at 0.5 percent per month on your unpaid tax balance but can go all the way up to 1 percent if you fail to communicate with the IRS. Once you’ve talked with the IRS and are on a payment plan, the percent usually drops to 0.25 percent. 

• The IRS May Take Any Refunds: In the future when you file your taxes you may be eligible for a refund. However, if you have back taxes due the IRS may swoop in and take your refund. 

• Other Methods: The IRS is adamant about receiving its money somehow and while it’ll start with softer methods and will attempt to communicate with you (which it’s highly recommended to communicate with the IRS even if you don’t have the money and by using a back taxes lawyer in New Haven, CT), but may employ harsher methods. These can include levying your bank account, seizing assets, and even in some cases employing the services of a private debt collector. 
• Losing Passport Privileges: Finally, failure to pay your back taxes may result in you losing passport privileges thus rendering you unable to visit other countries. This method is generally used against individuals with $50,000+ back taxes due and/or who haven’t been in communication with the IRS/established a payment plan. 

Contact a Lawyer Today

If you owe back taxes you may be scared of the possible consequences, but luckily a back taxes lawyer in New Haven, CT can help you. From discussing options to helping you communicate with the IRS, establishing a reasonable payment plan, and more, let the legal team at Barlow Tax Solutions help! 

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How a Lawyer Can Help You With Business Taxes 12 Dec 2021, 3:45 pm

Owning a business is no easy task and whether you’re a single employee selling your services as a freelancer, own a small, specialty boutique with a handful of employees, or are working on building a corporate empire, there are plenty of challenges that come with owning and operating a business. One of these unique challenges is taxes. 

While the tax system can be leveraged to help you nurture and grow your business, paying business taxes is a much more complex process than your standard W-2 and to truly reap all the benefits it’s recommended to consult the services of a business tax lawyer in Danbury, CT. Luckily, the team at Barlow Tax Solutions has years of experience working with businesses and business owners. 

Different Types of Business Taxes 

Depending upon your business and the services/goods it provides, there can be several different types of business taxes to be aware of. 

• Gross-Receipts Tax: This tax is applied to a company’s overall gross sales that exclude a business’s expenses such as cost of goods as well as compensation. 

• Corporate Franchise Tax: This tax is implemented by a state onto corporations, LLCs, and partnerships and is generally calculated using three methods: a simple flat fee, a fee calculated by the company’s net worth, and a fee that’s based on the company’s gross receipts or the overall amount of business the company performs in that state. 

• Employment Withholding Tax: This is a type of tax that most people are aware of as most workers start out with a W-2 that tells them how much they have paid in taxes. For a business, however, this form will be a W-4 that’ll tell you how much you should withhold from your employee’s paycheck. 

• Excise Tax: This type of tax is a tax that’s imposed upon numerous goods, services, and activities. Essentially, this tax deals with any duty or goods that is levied when they’re produced versus at the time of sale. Businesses that usually have to pay this tax includes any businesses dealing with airline tickets, fuel, heavy machinery, tobacco, etc. 
• Value-added tax (VAT): In some countries, this tax is also known as a goods and services tax and is a type of tax that will be assessed every year. Essentially, this tax is calculated by the price of a product or service during each stage, i.e. production, distribution, and the final sale to a customer. 

With so many types of taxes to be wary of it’s crucial to enlist the services of a business tax lawyer in Danbury, CT. 

Ways a Lawyer Can Help 

There are many ways that a business tax lawyer can help. If you’re in the early stages of establishing your business having a lawyer present can help you formulate a plan for how you’ll handle your business taxes and what you should expect. Additionally, it’s possible that you may run into some legal trouble such as being behind on paying taxes, undergoing audits, losing profits, etc. A business tax lawyer in Danbury, CT will be able to help mitigate issues that you’re facing and help you and your business get back on two feet. Contact Barlow Tax Solutions today to learn more about the services they offer! 

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How a Tax Lawyer Can Help You Resolve Your Debt 1 Dec 2021, 3:50 pm

How a Tax Lawyer Can Help You Resolve Your Debt

Facing tax debt of any amount can be stressful and is exacerbated the longer the debt remains unpaid. With consequences ranging from having penalities and interest accrue to having wages and assets garnished and even rare cases where international travel is prohibited/limited, facing tax debt may seem hopeless especially when facing thousands or more dollars of debt. 

Luckily, there are some solutions available that can help you get on the right track and make handling your tax debt more manageable. If you or a loved one is facing an insurmountable amount of tax debt and need a helping hand then you should enlist the help of a tax lawyer in New Haven, CT by contacting Barlow Tax Solutions. 

Common Tax Relief Solutions 

There are plenty of common tax relief solutions offered and a lawyer can help find the solution that best fits your needs. There are six common solutions: 

• Offer in Compromise: This solution will allow you to settle for less than the debt’s overall amount. When you can’t pay your debt in its totality the IRS may agree to a lesser amount. 

• IRS Installment Agreement: A tax debt can seem huge at first when looking at it as one lump sum. However, it’s possible to break up your total tax debt into smaller payments. Utilizing an IRS Installment Agreement both parties will agree to a more manageable payment plan that can allow you to pay less and avoid consequences such as penalties, liens, levies, etc. 

• IRS Penalty Abatement: Unfortunately sometimes you may face levied penalties from the IRS, but there are laws existing that can remove or reduce such penalties. 

• Filing Back Taxes: You may have back taxes owned and even if you’re not at the point where the IRS is contacting you, it’s a good idea to file any back taxes. If you’re having difficulty either due to financial or understanding how to file your taxes then you can contact a tax lawyer in New Haven, CT. 

• Currently Not Collectible: One of the reasons why people often owe in taxes is simply because they don’t have the financial means to pay. As such, they may simply ignore the problem. However, even if you don’t have the means to pay, this is never a recommended solution. While you should consult a lawyer first, you may qualify for currently not collectible, granting you a grace period for paying your loans as well as avoiding harassing calls or other consequences. 
• Innocent Spouse Relief: Spouses will often file their taxes together and while this can be very convenient, one issue that can arise is that one spouse may file the return incorrectly or has outstanding debts that you previously were unaware of. In both scenarios, you may be eligible for innocent spouse relief. 

Contact a Tax Lawyer Today

Dealing with any amount of tax debt can be stressful and to help reduce your tax debt, eliminate it, or receive a delay, it’s recommended to contact a tax lawyer in New Haven, CT. Our legal team at Barlow Tax Solutions has years of experience and can help you manage your tax debt. Contact them today! 

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8 Common IRS Letters and Notices 2 Feb 2021, 10:00 am

If you have tax debts, unfiled taxes, you’ve had an audit or you’re expecting one, you may have received a letter or notice from the IRS. Or maybe you’ve received a letter or notice from the IRS, and you want to make sure it’s authentic. The IRS communicates primarily through paper mail, and won’t send emails or text messages. Let’s take a look at some common IRS letters and notices you might have received, what each one means, and what your options are.

Common IRS Letters and Notices

1. IRS Notice CP2000

A CP2000 notice is a notification that the information that the IRS has about your income or payments doesn’t match up with what you’ve provided on your return. You might receive this notice a year after you’ve filed, as it takes some time for the IRS to match records. In some cases, this might simply be a clerical error, and you can and should contest a CP2000 notice if you think it’s not accurate.

2. IRS CP14 Notice

A CP14 notice is among the first notifications you’ll receive if you have unpaid taxes. If you did your taxes, realized that you owed tax, but didn’t pay it or didn’t pay it in full, you’ll probably receive a CP14 notice. This notice will also include penalties incurred from not paying on time. If you can’t pay this amount, there are options. At this point, it’s a good idea to contact a tax expert and make sure the amount is correct before moving forward.

3. IRS Notice CP504

A CP504 notice is notifying you that you have unpaid taxes, and that the IRS will seize your income tax refund to pay it if you don’t. This notice will be delivered via certified mail to the address you listed on your return, and it should state the amount owed. You should have received at least one previous notice about this amount, or it may have been mailed to an old address. If you think this is incorrect, you should contact a tax expert right away. If you don’t respond to a CP504 notice, the IRS will move forward with a lien or levy on your property or assets.

4. LT11 Notice of Intent to Levy

The LT11 Notice of Intent to Levy looks similar to a CP504 notice, but it is more serious. This notice is generally longer and includes a more detailed description of what you owe, what you can do, and what to expect. At this point, the IRS has probably sent other notices about your unpaid taxes. If you don’t respond to this notice, the IRS will continue to move forward with a levy, which can take money from your wages or bank accounts. If you dispute the taxes owed, you can schedule a hearing. However, you have a limited time to do so, so it’s vital to contact an expert immediately.

5. Final Notice of Intent to Levy

The Final Notice of Intent to Levy is a longer notice with more details about your situation and the next steps the IRS will follow. This notice will also include the amount you owe, including interest and penalties that have stacked up. You’ll also notice the option to request an appeals hearing and due dates to deliver this request. Once again, it’s essential to respond to this notice as soon as possible and work with a tax expert. Ignoring this notice will not make it go away.

6. IRS Notice CP15B

The IRS will send a CP15B notice to employers or responsible parties who have not paid employment taxes. When businesses take on employees, they are responsible for a number of employment taxes. The language on this notice can be confusing, since it refers to a trust fund. This refers to the trust fund in which employers hold these funds until they make federal tax payments. If you haven’t paid these, paid them late, or paid them inaccurately, the CP15B notice will inform you of what you owe, as well as penalties and interest. It is vital to address this notice right away, even if you currently can’t pay the amount.

7. IRS Letter 566

This correspondence audit letter is a request for more information. This does not necessarily mean that you will owe more taxes or that you have tax penalties. The IRS will request additional documents that prove that you are allowed to take a particular exemption, adjustment or credit. If you’re not sure what is required or you suspect you may have filled out your return incorrectly, get in touch with an expert.

8. IRS Letter 2205

Like the previous audit letter, letter 2205 is a request for more information. However, this letter is more in-depth and specific. You may see specific items that the IRS needs more information about. You’ll see contact information for an IRS agent, as well as information about representation. These letters often result in detailed audits and a tax expert can represent you properly. If you receive this letter, make an appointment with a tax expert first, so you know what to expect.

If you receive any of these common IRS letters and notices, know that you have options. The IRS can make clerical errors, so you do not necessarily owe the amount stated. Or, if the amount is correct, but you can’t pay it, know that you have options. If you think that the amount owed isn’t accurate, an expert can help. Call 877-922-7569 to schedule a free consultation today and learn more.

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What to Do When Your Business Owes Back Taxes 19 Jan 2021, 7:13 pm

There are many reasons why you might have missed a year of filing your business tax return. Maybe your business briefly closed and then reopened. Maybe you had a family emergency or a natural disaster struck. Whatever the reason, missing a business tax return means your business owes back taxes. If you’ve missed filing and your business owes back taxes, here’s what you need to know.

What to Do When Your Business Owes Back Taxes

If you haven’t filed taxes for your business in years past, it can be tempting to try and ignore them or hope the IRS won’t notice. Filing business back taxes as soon as you can will reduce penalties and make each tax year more manageable. Working with an expert, you can sort out exactly what you owe and work out a reasonable timeline in which to pay it.

Work With an Expert

If you are concerned about business back taxes and you’re not totally confident in your record-keeping or tax law knowledge, work with experts in business taxes. Business taxes are more complex than personal income taxes, and there are detailed tax laws to pay attention to. This will not only ensure that your business back taxes are filed properly, but it will also ensure that you don’t pay more than you should.

To make sure that your business back taxes are filed correctly, work with a certified public accountant (CPA). A CPA has undergone rigorous training and has been certified by the American Institute of Certified Public Accountants (AICPA). All CPAs must complete an exam to demonstrate that they have the necessary knowledge of accounting practices and tax code. If you are concerned about legal repercussions, you should also work with a tax attorney. A tax attorney has a detailed understanding of tax law and procedures, and will protect your rights and your property during the process.

Collect Your Records

Whether you have one year of business back taxes or several, collect as many records as you can. This will help your tax expert file your back taxes and reduce your tax liability as much as possible. If you haven’t filed for your business in past years, it will be important to assess payroll tax and sales tax unpaid for those years, as well as income tax. Even if your business took a loss in that year, payroll taxes and sales taxes still must be paid.

Here is a list of information you’ll need for your business back taxes. This is not an exhaustive list, and your tax expert will give you additional information about records to collect.

• Revenue records, including all sales made for the year
• Sales tax paid by customer, sales tax paid to a state tax authority
• Cost of goods sold records
• Any personal income taxes filed
• Business expenses
• Previous business income taxes filed
• Business contact information and tax ID
• Wages paid to employees or contractors
• Federal, state, and local income taxes paid out of wages

Locate Missing Records

You’ll probably come across some records that you no longer have access to or can’t find. Make your best effort to locate extra copies or electronic records of these, especially when it comes to sales, cost of goods sold, wages, and taxes paid throughout the year. There are a few places you might look for this information:

• Contact suppliers about electronic records
• Look for back-ups or records saved on your POS system
• Contact your state tax authority for sales and sales tax records
• Contact previous employees about wages paid

Contact a Business Tax Attorney

Once you’ve collected your records and you’re prepared to file back taxes, you will likely have to pay back tax debts, as well as penalties for not filling. If the IRS’s determination of your back taxes is different than yours, or you feel that the number isn’t accurate, you can make an appeal. At this time, it’s best to contact a business tax attorney. Your tax attorney will work on your behalf and fight for your rights. Your tax attorney can also help you determine a payment schedule that makes sense with your current income and situation.

Facing business back taxes can be scary, and trying to locate lost documents can feel like an uphill battle. Gather your records one step at a time, and work closely with your tax accountant and tax attorney to find what you need. With your back taxes behind you, you can start fresh again with peace of mind.

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CT DRS Sales Tax Audits 2 Nov 2020, 10:07 pm

Sales tax can be complex for large and small businesses alike. Paying sales tax incorrectly throughout the year, or reporting sales tax incorrectly on your return, can trigger a sales tax audit. The Connecticut State Department of Revenue Services (DRS) tracks business’s sales taxes in CT, and misfiling can mean a CT DRS sales tax audit. Here’s how to avoid a sales tax audit in Connecticut, and what to do if you find yourself facing a DRS sales tax audit.

CT DRS Sales Tax Audits: How to Avoid an Audit

Maintain Good Record-Keeping

This is the best way to avoid an CT DRS sales tax audit, and this is an absolute must. Accurate record keeping will help you accurately submit sales tax payments throughout the year, and reconcile your records when you submit your income tax returns. If you are audited, you can use your records to show that you properly reported, or you’ll be able to see where a mistake was made. A point-of-sale system will record this for you with each purchase made. You’ll also want to keep records quarterly when you submit sales tax payments, and annually when you file your return.

To avoid an CT DRS sales tax audit, here’s what your business records should contain:

• Amount of each sale
• Amount of sales tax paid by the customer
• Date of sale
• Location of the sale (in your Connecticut store or online)
• Amount of quarterly sales tax paid and date submitted

Have a Strategy

Collecting loose receipts and approximating sales tax payments every quarter is not a good system. This is likely to result in a sales tax audit sooner rather than later. To prevent an audit and to defend yourself if you are audited, you must have an organized strategy and a plan for making accurate sales tax payments and income tax payments.

There are several ways to approach your sales tax to prevent an audit. Some of these require more initial set-up, while others require more day-to-day maintenance. Which is best for you will depend on your business type, sales volume, and your personal work style.

• Point-of-sale system: With the right POS system, you can see exactly how much sales tax was paid on every item for a given time period. Simply print the receipt or check your records to see how much you must pay or have paid. This will require that every sale accurately moves through your POS system, and that employees understand the importance of recording sales tax.
• Paper records: At the end of business each day or, depending on sales volume, each month, record how many sales you made and how much sales tax was paid. Then, you’ll need to tally this when making sales tax and income tax payments. Keep your ledger organized, with careful dates and amounts.
• Electronic records: Some programs will connect to your POS system and make sales tax calculations for you. This is a great way to maintain accuracy with minimal effort. This is also ideal for people who sell products online and are already computer savvy.

What Triggers a CT DRS Sales Tax Audit?

There are simply too many businesses and not enough staff for the CT DRS to conduct a sales tax audit on everyone. Therefore, the CT DRS uses certain activities as signals to detect the likelihood of sales tax being paid or calculated incorrectly. Avoiding these common issues can help you avoid a sales tax audit.

Matching Federal Return to Sales Tax Returns

When you file your federal tax return, you’ll have to state your total sales and sales tax for the year. If this doesn’t match the sales tax you declared throughout the year, it means, somewhere, an error was made. This is very likely to trigger an audit. Since this is simply matching numbers in an automated system, it’s easy for the DRS to check.

Problems With Returns

Many businesses have return policies to keep customer satisfaction high. If a customer buys the wrong size, color, or simply changes their mind about an item, it’s helpful if they can return it for a refund. However, the sales tax on this sale was already recorded. You’ll need an accurate and systematic way to zero out this purchase on your books, or it will likely result in mismatched returns (see the point above).

Improperly Recording Out-of-State Purchases

This is a common problem for businesses selling goods online, working with clients in multiple states, or businesses operating close to a border. If a customer buys an item in another state and pays sales tax, that tax should go to that state.

Like so many other tax laws, the internet has introduced new challenges when it comes to out-of-state purchases. Now, your customers might buy from all over the country and all over the world. It’s a good idea to consult with a tax attorney when you’re making a lot of sales across the country, or you’re making a few, big-ticket sales. Calculating out-of-state sales tax incorrectly can trigger a sales tax audit.

When calculating out-of-state sales tax, it’s helpful to consider the tax nexus. Rules vary between states but, in general, a tax nexus is a good way to figure out whether you owe sales tax in another state.

For example, you have a tax nexus, or a taxable connection, to Connecticut if any of the following are true:

• You operate an office or store in CT
• Your employee or independent contractor is present in the state for more than 2 days a year
• You store goods in a CT warehouse
• You own real or personal property in CT
• You delivery merchandise in CT in vehicles that you or your business owns

Incorrect Resale Certificates

Generally, sales tax applies when the item reaches the end consumer. If you are purchasing an item for resale, you’ll need a resale certificate to show you do not need to pay sales tax on this purchase. If you don’t have these, or if some of them are missing, it can trigger an audit.

Sales tax is important at the end of the year when you file income taxes, but it is also important to keep accurate records throughout the year as you pay sales tax. Remember, even if you make no sales in a quarter, you still must submit a quarterly sales tax statement, or the CT DRS will consider your account delinquent. If you’re facing a CT DRS sales tax audit, or you have questions about your record-keeping or payments, we can help. Visit our webpage on sales tax audits to learn more, schedule a consultation online with one of our business tax experts or give us a call at 877-922-7569.

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Back Taxes CT: Help with Unfiled Returns and Back Tax Relief 14 Feb 2020, 12:59 am

Tax Returns have to be filed, whether they are personal or business returns.  It can be a daunting task.  Especially when you haven’t filed for several years.

We specialize in helping non-filers with IRS and State back tax relief. We represent clients every day who have unfiled returns or who owe back taxes.

What’s involved in handling back tax relief cases:

First, we figure out where the case is within the IRS.  Is it in Collections, or has the case been assigned to a Revenue Officer, as are many business cases. Then we understand any possible civil and criminal penalties. Next we look at FBAR (foreign) reporting, if foreign assets are involved.  Then we gather information to efficiently file returns. Once the returns are filed, and if you owe, how will the taxes be paid? Will we deal with IRS Collections, or will an Offer in Compromise (tax settlement) be possible, or some other tax resolution.  And with each case we take, we look for the tax opportunities, from the point of view of a CPA and an attorney.

Let us help you with back tax relief.  Call Barlow.  877-922-7569

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IRS Tax Audit Help 5 Feb 2019, 10:45 pm

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What is an Offer in Compromise? 26 Jan 2017, 5:21 pm

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