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EXPANSION OF PAID TAX RETURN PREPARER DUE DILIGENCE ELIGIBILITY REQUIREMENTS

By Coleman Jackson, Attorney and Certified Public Accountant August 10, 2018 Paid Tax return preparers must exercise due diligence when preparing and assisting taxpayers in complying with federal tax laws.  Internal Revenue Code Sec. 6695 (g) imposes a civil penalty on paid tax return preparers who fail to comply with due diligence eligibility requirements under…

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REASONABLE CAUSE AND GOOD FAITH – IRS Penalties Can Be Abated, Forgiven or Waived

By Coleman Jackson, Attorney & Certified Public Accountant June 21, 2018 The Internal Revenue Code is full of various kinds of penalties that the Internal Revenue Service is authorized to assess and collect from errant, indifferent, negligent, ambivalent, and indecisive or otherwise noncompliant taxpayers who fail to collect or pay their tax bill or attempt…

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IRS to End the 2014 Offshore Voluntary Disclosure Program on September 28, 2018

By:  Coleman Jackson, Attorney, CPA March 27, 2018 Have you heard the news!  On Monday, March 13, 2018 the IRS announced that it will end the Offshore Voluntary Disclosure Program on September 28, 2018. It is likely already too late for all those people who are taking their chances and have not already made steps…

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Cryptocurrency and Compliance with U.S. Federal Tax Laws Are Under Scrutiny

By:  Coleman Jackson, Attorney, Certified Public Accountant February 08, 2018  Cryptocurrency is a virtual currency or digital value that serves as a medium of exchange, amount of wealth or measure of account or value.  Virtual currency may act like a monetary currency, but it is not considered legal tender in the United States or anywhere…