IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts.

On July 26th, the IRS announced that it has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual . . . → Read More: IRS Attempting to Collect on Virtual Currency

Members of the military and their families often qualify for special tax benefits. For example, members of the armed forces don’t have to pay taxes on some types of income. In addition, special rules could lower the tax they owe or allow them more time to file and pay their federal taxes. Here are . . . → Read More: Members of the Armed Forces Are Entitled to Certain Tax Benefits

Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them.

Here are some things taxpayers can do to help protect their financial safety should a disaster occur. Taxpayers should:

Update emergency plans. A disaster can . . . → Read More: All Taxpayers Should Plan Ahead for Natural Disasters

The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home:

Ownership and use To claim the exclusion, . . . → Read More: Tax Tips for Taxpayers to Consider When Selling Their Home

Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business.

Here are some questions and . . . → Read More: Taking Care of Business: Recordkeeping for Small Businesses