Chad Silver

Managing Partner of Silver Tax Group, author of the book "Stop the IRS". Practicing a variety of tax issues, regulations, laws and rights. Specializing exclusively on tax matters involving IRS audits, negotiation, settlements & compromises. 

cryptocurrency taxes

Know What’s Owed: How Silver Tax Group Can Help You File Cryptocurrency Taxes

Bitcoin itself is not taxable. Why? Because it’s not fiat money. Fiat currency is money backed by a government. And the government claims the “right” to tax your dollars because they created those dollars and they regulate those dollars. Cryptocurrencies like Bitcoin aren’t backed or regulated by a government. They’re backed and regulated by a …

Know What’s Owed: How Silver Tax Group Can Help You File Cryptocurrency Taxes Read More »

trader's guide

How to Pay Taxes on Your Cryptocurrency: A Trader’s Guide to Cryptocurrency Taxes

According to a report from the Journal of Accountancy, in 2015 only 900 taxpayers reported their cryptocurrency gains to the IRS. At the same time, the popular exchange Coinbase was boasting over 5.9 million users. This massive numbers gap sparked the IRS into action and it is believed that they are now actively targeting cryptocurrency …

How to Pay Taxes on Your Cryptocurrency: A Trader’s Guide to Cryptocurrency Taxes Read More »

Offshore Banking

Top 7 Reasons Why You Should Consider Offshore Banking

When you’re growing your wealth, you need to always be aware of the different funding and financing models available. Offshore banking provides an incredibly popular option. These are international bank accounts that let you store your money, grow interest, and take advantage of a host of benefits. Before you open an account, it’s important that …

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identity theft can lead to fraudelent tax returns

Fraudulent Tax Returns and Identity Theft: Understanding Tax Fraud Investigations

There were close to 17 million instances of identity theft in recent years, and a good amount of these are the result of tax fraud.  Fraudulent tax returns can be problematic for you. If you find yourself on the wrong end of a fraudulent return, you’ll need to get help so that an investigation is …

Fraudulent Tax Returns and Identity Theft: Understanding Tax Fraud Investigations Read More »

Tax Law cryptocurrency taxes

Bitcoin and Cryptocurrency Taxes: Everything You Should Know About Coinbase Tax Reporting

Do You Owe Taxes on Cryptocurrency? It’s the million-dollar question that a number of crypto investors and crypto newbies alike have been wondering for the past several years. But, how does the IRS determine the amount owed in cryptocurrency taxes? By the end of 2018, crypto had a combined market cap of more than $600 …

Bitcoin and Cryptocurrency Taxes: Everything You Should Know About Coinbase Tax Reporting Read More »

learn about how to get your business out of tax debt

Tax Debt Help for Businesses: 9 Tips If You’re in Drowning in Business Unpaid Taxes

You still daydream about the last day you spent at your old job. Leaving behind that cramped cubicle and setting out on your own has been your goal since you got your first full-time job. Walking into your office every morning and turning on the lights, you breathe a huge sigh of relief knowing you’re …

Tax Debt Help for Businesses: 9 Tips If You’re in Drowning in Business Unpaid Taxes Read More »

learn the differences between tax avoidance and tax evasion

Tax Avoidance vs Tax Evasion: What Is Legal and What Is Criminal?

Tax avoidance or evasion is rampant since no one loves paying taxes. With the tax percentages ranging from 10 percent to 37 percent depending on annual profits, paying the taxman could easily be among the heftiest expenses, individuals or businesses deal with in a fiscal year. Finding ways to pay as little as possible without …

Tax Avoidance vs Tax Evasion: What Is Legal and What Is Criminal? Read More »

learn about what tax lawyers do

What Do Tax Lawyers Do? Facts to Know About Tax Law and Tax Attorneys

Not many people enjoy watching their hard-earned dollars come out of their paycheck every month. They enjoy it even less when they owe taxes at the end of the year.  However, taxes go to some pretty important things that we take for granted in our day to day lives. These include health programs, social security, safety net …

What Do Tax Lawyers Do? Facts to Know About Tax Law and Tax Attorneys Read More »

Tax Court

Tax Court Litigation & Defense: How to Choose the Best Tax Court Litigation and Defense Attorney

Anytime you are being audited or headed to tax court, it’s only right that you get the help of the best lawyer that you can find.  There are lots of great tax attorneys that you can touch base with, but it’s vital that you learn what they do and how they can assist you.  We’ve …

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tax defense

Winning Big: The Biggest Tax Defense Wins for People Against the IRS

The notion of going up against the Internal Revenue Service (IRS) in court probably feels like one of the biggest uphill battles that you could ever fight.  However, this is a misconception, because plenty of people have gone to court with the IRS and won.  It doesn’t have to be hopeless — particularly when you …

Winning Big: The Biggest Tax Defense Wins for People Against the IRS Read More »

employee vs independent contractor/emergency tax service

IRS Questions Answered: Have You Classified Your Employees Correctly?

When you’re a business owner it’s up to you to classify your employees. You need to know the rules and difference between an employee vs. an independent contractor, or it could cost you a lot in the long run. Keep reading to learn more.  Employee vs. Independent Contractor Your business could pay an independent contractor and …

IRS Questions Answered: Have You Classified Your Employees Correctly? Read More »

tax preparation fees

Tax Preparation Fees: How Much Does It Cost to Get Your Taxes Done?

The time people spend in complying with federal tax laws translates to about 8.9 billion hours. This explains why they would rather pay tax preparation fees and spend their time in more productive activities. In the same breathe; tax preparation software cost approximately $30 billion annually. Having a professional compile your tax returns is a …

Tax Preparation Fees: How Much Does It Cost to Get Your Taxes Done? Read More »

alimony and taxes

Divorced with Taxes: Reporting Alimony as Income on Your Tax Return

Paying taxes as a married couple means the IRS automatically involves itself in your marriage. If you get divorced and agree on alimony payments, the involvement doesn’t end – unless you get divorced in 2018 or later. In the 1940s, the IRS allowed spouses paying alimony to deduct their payments from their taxable income for …

Divorced with Taxes: Reporting Alimony as Income on Your Tax Return Read More »

Tax Education tuition tax credit

Going Back to School Pays Off: Understanding the Tuition Tax Credit

“We don’t need no… education!” Wait a minute Pink Floyd, yes we do. In today’s economy? Most of us definitely do. I know, I know… Bill Gates dropped out of school! Mark Zuckerberg and Steve Jobs both dropped out of school! True, there are plenty of millionaires and celebrities who dropped out of college and turned out …

Going Back to School Pays Off: Understanding the Tuition Tax Credit Read More »

adoption tax credit

New Addition? Why You Need to Know About the Adoption Credit

Couples who struggle with infertility often decide they want to adopt. Adoption can be a beautiful and life-changing experience for both the child and the adoptive parents. But it’s an expensive and complicated process. Adoption can cost couples as much as $45,000 when all is said and done. Plus, there are approximately 2 million couples …

New Addition? Why You Need to Know About the Adoption Credit Read More »

injured spouse

Marry Someone with Tax Debt: Here’s What to Do If You’re an Injured Spouse

“For better or for worse, in sickness and in health…” If you’re an injured spouse you probably never imagined how appropriate those vows would be when tax season rolled around. Those words take on a whole new meaning when you file your first joint tax return with your spouse and unearth some deep dark secrets …

Marry Someone with Tax Debt: Here’s What to Do If You’re an Injured Spouse Read More »

mistake on taxes already filed

When You Make a Mistake on Taxes Already Filed, Here’s What Happens

Filling out your tax return is incredibly complicated. There are dozens of numbers to add, deductions to find, and countless forms and schedules to include. With all that, the average American spends roughly eight hours preparing their tax return each year. That’s the length of the average work day! So, it makes sense that mistakes …

When You Make a Mistake on Taxes Already Filed, Here’s What Happens Read More »

are gambling losses tax deductible

Gambling Losses and Taxes: The Answers to All Your Questions About Tax Deductions and Gambling Losses

When Ryan Gordon won $321,000 at a year-long raffle in Hudson, South Dakota, he probably knew immediately that he wouldn’t be bringing home $321,000. After all, raffle winnings are taxable.  He probably didn’t know that he could also deduct the cost of his tickets on his 2020 taxes, because many consumers do not ask the question, “Are …

Gambling Losses and Taxes: The Answers to All Your Questions About Tax Deductions and Gambling Losses Read More »

what is a 1099

What is a 1099? A Comprehensive FAQ About This Important Tax Document

The “gig economy” is real, and it’s a growing part of the American workforce. With more than 15 million independent contractors, employers and workers alike need to know how to do taxes. And it’s not just contractors that need the help. Some count the numbers of consultants, freelancers, and people with “side gigs” as high as …

What is a 1099? A Comprehensive FAQ About This Important Tax Document Read More »

tax attorney

Bring in the Professionals: Why You Should Hire a Tax Attorney for Your Small Business

As the old adage goes, there are two certainties in life: death and taxes. Many business owners would add stress about taxes to that list.  That’s because many Americans don’t have the information they need to file their taxes properly–or even a clue about where to start.  A good tax attorney can save you many …

Bring in the Professionals: Why You Should Hire a Tax Attorney for Your Small Business Read More »

tax on sports betting

Did Your Team Just Win Big? Here’s What You Need to Know About Paying Tax on Sports Betting

Did you know that 118 million people bet on sports each year? Sports betting gives savvy gamblers an opportunity to collect cash while their favorite players collect trophies. You don’t have to drop by a casino or a race track to bet on sports, either. Gamblers can take home winnings after fantasy football games, office parties, and …

Did Your Team Just Win Big? Here’s What You Need to Know About Paying Tax on Sports Betting Read More »

irs audit process/IRS questions and answers

IRS Audit Defense Attorney: Common IRS Questions and Answers You Should Know

It sounds like a cause for excitement: the IRS is auditing the fewest tax returns in years.  But while the official audit rate is down, the real audit rate remains a serious problem for everyday taxpayers.  Staring down an audit with no clue where to begin? You can start by reading these common IRS questions …

IRS Audit Defense Attorney: Common IRS Questions and Answers You Should Know Read More »

take proper care of investment tax

Everything You Need to Know About The Top 5 Types of Investment Taxes

How to Manage Your Investment Taxes Whether you’ve been investing for years or you just started last month, it’s important to understand investment taxes. Filing investment returns need to be done along with your annual tax return and are important to remember to take care of. It’s much easier to file taxes correctly the first …

Everything You Need to Know About The Top 5 Types of Investment Taxes Read More »

Employee tax status filing

The 2019 Guide to Determining Employee Filing Status

Everything You Need to Know About Employee Filing Statuses It can be confusing figuring out how employees should be classified for tax filing, and incorrectly classifying can have consequences. Small businesses should be careful when classifying workers on employee tax forms to avoid penalties and additional taxis. You need to determine whether works should be …

The 2019 Guide to Determining Employee Filing Status Read More »

losing money at the casino and reporting it to the IRS

You Win Some, You Lose Some: How to Deduct Your Gambling Income & Losses from Your Taxes

Over 4.2 billion people have gambled at some point in their lives. On average, over 1 billion individuals gamble each year.  Gambling offers everyone an opportunity to gain massive amounts of cold, hard cash. Unfortunately, it can also steadily deplete your bank account! A lot of people assume gambling is a private affair. However, if you have gambled …

You Win Some, You Lose Some: How to Deduct Your Gambling Income & Losses from Your Taxes Read More »

how to resolve IRS tax debt in 2019

How to Legitimately Resolve Your Tax Debt and Not Fall Victim to Scams

The IRS is familiar with fraud. In 2015, they stopped a total of $10.9 billion in fraudulent refunds. And that’s the number of scams they caught and not counting ones they didn’t. But scammers aren’t just targeting large organizations like the IRS. Consumers fall victim to scams all the time. The top consumer fraud is …

How to Legitimately Resolve Your Tax Debt and Not Fall Victim to Scams Read More »

garnished wages

It’s Your Money and You Want it Now: What to Do When the IRS Garnishes Your Wages

The IRS has one job: collect taxes from American citizens, residents, and businesses. But it misses out on $400 billion in unpaid taxes each year. On average, 84 percent of the money owed reaches the IRS’s coffers. So if April rolls around and you owe tax you can’t afford to pay, then you’re not alone. In …

It’s Your Money and You Want it Now: What to Do When the IRS Garnishes Your Wages Read More »

small business taxes

10 Mistakes to Avoid When Filing Taxes as a Small Business Owner in 2019

For any small business owner, tax compliance can be a huge source of anxiety. That really cannot be overstated. According to a Forbes survey review, income taxes and tax compliance were the #3 and #5 responses on the list of things that keep small business owners up at night.  Both concerns are way above cash flow …

10 Mistakes to Avoid When Filing Taxes as a Small Business Owner in 2019 Read More »

how to report IRS fraud

Tired of IRS Tax Fraud? 4 Popular Scams & How to Report Them

In a prepared statement, Principal Deputy Assistant Attorney General Richard E. Zuckerman said, “Fraudulent tax return preparers harm taxpayers, legitimate businesses, and the American public.”  Americans are in the midst of a complicated 2019 tax season. Many are scurrying to file around the government shutdown. All Americans are filing under the new tax plan with …

Tired of IRS Tax Fraud? 4 Popular Scams & How to Report Them Read More »

IRS seizure

Keep Your Stuff: How to Protect Yourself from an IRS Seizure

Constitutional requirements and amendments demand all citizens pay taxes. Naysayers argue and advocate against tax law, but no one is exempt from paying them.  Foregoing regulated prerequisites of tax law could subject you to an IRS seizure.  Miseducated tax filers account for $458 billion in unpaid taxes. Blame confusion, accounting mishaps or nefarious deception. Tax filers …

Keep Your Stuff: How to Protect Yourself from an IRS Seizure Read More »

OVDP and offshore reporting

The OVDP and Offshore Reporting Requirements

It’s already understood that the failure to disclose foreign accounts can result in significant penalties. Yet while offshore enforcement concerning foreign accounts was significantly stepped up in 2009, many individuals failed to participate in the IRS Offshore Voluntary Disclosure Program (OVDP). In prior posts, we discussed the tools the IRS has at its disposal make …

The OVDP and Offshore Reporting Requirements Read More »

IRS and car

Can the IRS Take My Car?

Yes. Asset seizure is one of the strongest tools for collection efforts available to the IRS. From seizing a home, bank accounts, retirement accounts or personal property, the IRS operates with a singular focus – to liquidate these assets and pay your debt. What protections are available to you? While the IRS certainly has the …

Can the IRS Take My Car? Read More »

reporting offshore accounts

Reporting on Offshore Accounts

As we’ve indicated many times on this blog, there are significant disclosure requirements concerning offshore accounts and income. The Foreign Account Tax Compliance Act (FATCA) requires offshore financial institutions to either report accountholder information, or face significant penalties. What is important for Michigan residents with offshore accounts is to make certain they report this information as well. …

Reporting on Offshore Accounts Read More »

audit rules

Business Partnerships & New IRS Audit Rules

We mentioned in a prior post how common pass-through businesses are in the United States. This is particularly true of partnerships. There are traditional partnerships, joint ventures, limited partnerships, limited liability partnerships and LLCs. The manner for taxing and auditing of partnerships has significantly changed. These changes will require partnerships to update their agreements and work together …

Business Partnerships & New IRS Audit Rules Read More »

small business and tax

Small Businesses, Tax and the New Laws

Entrepreneurs in Michigan and across the U.S. face difficulties in keeping small businesses running. Challenges include filing of tax returns, and taking advantage of deductions. The 2017 tax laws allow for certain pass-through businesses to take advantage of a 20 percent tax deduction. Unfortunately, determining which businesses can take advantage of the deduction remains unclear. There …

Small Businesses, Tax and the New Laws Read More »

transition tax on foreign earnings

Confusion Regarding Transition Tax on Foreign Earnings

Under 26 U.S. Code § 965, shareholders throughout the U.S. must pay a transition tax on foreign earnings from specific foreign corporations. The IRS deems this tax as a repatriation of the income. Lawmakers entitled 26 U.S. Code § 965 as: “Treatment of deferred foreign income upon transition to participation exemption system of taxation.” Unfortunately, the content …

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Taxes and marriage

Taxes and Marriage

While the number of married people in the United States dipped in recent years, they still pay a substantially large share of federal income taxes. Making up approximately one-half of our population, they pay 74 percent of our total taxes. The IRS rules and filing status for married couples are different than for single people. Married couples …

Taxes and Marriage Read More »

offshore reporting

Offshore Reporting Deadline Quickly Approaching

Tax attorneys understand how serious the penalties are concerning nondisclosure of offshore assets. For purported violations, the IRS may seize 50 percent of the account’s value, file possible criminal charges, and assess other penalties. The IRS is giving notice that taxpayers working outside of the country must file their federal income tax returns by June 15. This …

Offshore Reporting Deadline Quickly Approaching Read More »

warning of tax scams

IRS Warns of Various Tax Scams

The IRS puts out constant reminders concerning potential tax scams that could prove costly to Michigan taxpayers. Taxpayers may lose out on refunds. They could also face civil and criminal penalties for false reporting or filing frivolous returns. The agency recently put out what it calls its “Dirty Dozen” list. These scams range from obtaining private …

IRS Warns of Various Tax Scams Read More »

Tax reform and the self-employed

Tax Reform and the Self-employed

The Tax Cuts and Jobs Act provides incentives for self-employed individuals. This includes sole proprietorships and partnerships. But taking advantage of benefits requires awareness of the availability of deductions one can take. It also means understanding the imposed limits the law places upon taxpayers. This new law provides a 20 percent pass-through deduction. Pass-through taxation means …

Tax Reform and the Self-employed Read More »

noncompliance with the ACA and IRS penalties

Noncompliance With the ACA and IRS Penalties

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, May 9, 2018. The Affordable Care Act (ACA) creates a number of difficulties for employers concerning compliance. And those not in compliance face significant penalties leveled upon them by the IRS. According to the ACA, employers must either provide full-time employees health care coverage or make what is known …

Noncompliance With the ACA and IRS Penalties Read More »

offshore tax enforcement

Changes in Offshore Tax Enforcement May Be Coming Soon

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, May 2, 2018. There have been voluntary disclosure programs in place to entice taxpayers to come clean about unreported foreign assets since 2009. These programs allow for promises of decreased penalties. They may also allow for avoidance of prosecution in return for participation. But due to decreased …

Changes in Offshore Tax Enforcement May Be Coming Soon Read More »

the impact of tax reform

Challenges Regarding the New Tax Law for the Self-employed

Small businesses appear underprepared for changes concerning the new tax overhaul. One survey suggests that the vast majority of business owners have little idea what the Tax Cuts and Jobs Act mean to them. Many business owners complain about a lack of information regarding changes. They feel the government did not prepare them for the new act. …

Challenges Regarding the New Tax Law for the Self-employed Read More »

difficulties for federal employees with tax

New Tax Law Creates Problems for Federal Employees

On behalf of Silver Tax Group posted in Back Taxes on Monday, April 16, 2018. Even federal employees have problems with the tax code. This includes experiencing difficulties concerning reimbursement for transportation, travel and relocation. The problem concerns the need for updating of regulations pertaining to the newly passed Tax Cuts and Jobs Act. Becoming effective on January 1, …

New Tax Law Creates Problems for Federal Employees Read More »

what lead to tax audits

Why Tax Audits Occur

On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, April 11, 2018. While there have been less IRS tax audits since 2010, there are still a large number of things that can trigger an audit. In 2017, there was still over a million tax audits. An audit does not by itself mean you are guilty …

Why Tax Audits Occur Read More »

know about whistleblower program

The Awards Whistleblowers Receive in Tax Cases

Michigan taxpayers need to understand how extensive the IRS whistleblower program is. Besides having massive support from other federal branches, the IRS is always enhancing its enforcement efforts. The Whistleblower Program Whistleblowers stand to profit by reporting on the wrongdoing of other taxpayers. The IRS even has an official form to assist whistleblowers in collecting …

The Awards Whistleblowers Receive in Tax Cases Read More »

a close to the OVDP and offshore reporting

OVDP Program Regarding Offshore Reporting to Close

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, March 22, 2018. The IRS plans on bringing to a close the Offshore Voluntary Disclosure Program (OVDP) put in place in 2014. The plan is to close this program by September 28. However, this announcement made by the IRS at least allows for Michigan taxpayers time to still take …

OVDP Program Regarding Offshore Reporting to Close Read More »

tax audits avoiding

Ways to Avoid Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, March 5, 2018. It’s worth repeating that many things can trigger an IRS audit. Obviously, inaccuracies on forms, claims for deductions which you do not qualify, or the failure to report certain income will result in problems. But it would be difficult to list every type …

Ways to Avoid Tax Audits Read More »

The Impact of the Tax Cuts and Jobs Act

Offshore Income and the New Tax Act

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, February 27, 2018. The Tax Cuts and Jobs Act will impact all taxpayers including those residing offshore. The act’s provisions include adjustments to corporate rates and exclusion rates. With changes to the tax code, authorities promise simplification. But that does not mean offshore residents will see tax …

Offshore Income and the New Tax Act Read More »

request an appeal when necessary

Appealing of Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, February 12, 2018. Michigan taxpayers can request an appeal when there are disagreements regarding the result of an audit. The appeal involves filing a written protest. Generally, you will only have 30 days to appeal the determination once receiving a letter from the IRS. The IRS …

Appealing of Tax Audits Read More »

amnesty programs expanding

Voluntary Disclosure Programs and Offshore Assets

On behalf of Silver Tax Group posted in Offshore Accounts on Monday, February 5, 2018. The IRS may be expanding amnesty programs for taxpayers facing penalties due to reporting issues regarding their offshore accounts. This possibly is because the IRS views such programs as a success. The aim is to recover even more money owed. The aggressive efforts by …

Voluntary Disclosure Programs and Offshore Assets Read More »

A blue-collar worker and tax law changes

Tax Law Changes and Detroit’s Blue-collar Workers

On behalf of Silver Tax Group posted in Tax Law on Friday, January 26, 2018. Recently named “America’s Comeback City,” Detroit has a lot to be proud of. As the economy evolves, Michigan’s largest city is thriving. The poverty rate is lower than the national average, its unemployment rate continues to drop and revitalization efforts are infusing new blood …

Tax Law Changes and Detroit’s Blue-collar Workers Read More »

limited power of IRS

The IRS and Statutes of Limitation

On behalf of Silver Tax Group posted in Offshore Accounts on Monday, January 22, 2018. Courts continue hearing cases concerning filings of the Report of Foreign Bank and Financial Account (FBAR). There are significant penalties that accompany the failure to file an FBAR. This can include significant fines and even prison time. The IRS does not have unlimited powers, …

The IRS and Statutes of Limitation Read More »

FATCA and underreporting of income

FATCA and Underreporting of Income

The Foreign Account Tax Compliance Act (FATCA) governs reporting of foreign financial institutions concerning assets held by American citizens. Such institutions face substantial penalties for failing to report these assets. “Combat tax evasion” U.S. tax officials deal with this underreporting through FATCA. In 2010, President Obama stated the primary purpose of FATCA was to “combat …

FATCA and Underreporting of Income Read More »

digital currency and taxes

Cryptocurrency Gains and the IRS

On behalf of Silver Tax Group posted in IRS Tax Audits on Friday, December 1, 2017. Cryptocurrency or digital currency is a relatively recent creation. Bitcoin is probably the most familiar type of cryptocurrency. In any case, reporting of cryptocurrency gains continues to be a tax issue. IRS can investigate cryptocurrency gains While one particular company, Coinbase Inc., is challenging …

Cryptocurrency Gains and the IRS Read More »

taxes of bitcoins and offshore accounts

Bitcoins and Offshore Reporting Requirements

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, November 29, 2017. Federal officials closely scrutinize reporting of cryptocurrency gains on tax returns. This is in large part due to difficulties determining whether cryptocurrency is property or currency. Classifying bitcoins and cryptocurrency as property or currency has tax implications. In a foreign country, a U.S. citizen may not …

Bitcoins and Offshore Reporting Requirements Read More »

tax changes in 2018

Tax Changes in 2018

On behalf of Silver Tax Group posted in Tax Law on Wednesday, November 22, 2017. As we near the end of 2017, you can’t turn anywhere without hearing about taxes. Tax reform is in the news. Ads for Black Friday and Christmas deals on tax software start to flood the airwaves. Businesses start to send their employees notices that …

Tax Changes in 2018 Read More »

IRS contractors

Pioneer and Other IRS Third-party Contractors

On behalf of Silver Tax Group posted in Tax Defense on Tuesday, November 21, 2017. “As you were previously notified Pioneer Credit Recovery, Inc., (PCR) a private collection agency, is a contractor for the Internal Revenue Service (IRS) assigned to collect your past due tax obligations.” When did the IRS start using third party collection agencies to collect back …

Pioneer and Other IRS Third-party Contractors Read More »

taxes of gifting and estate taxes

Gifting and Estate Taxes

On behalf of Silver Tax Group posted in Tax Law on Monday, November 6, 2017. The federal estate tax exemption has hovered near $5.5 million (almost $11 million per couple) for years. If an estate that cross this threshold, the federal tax rate is 40 percent. This does mean that all states follow the same approach. Currently, there are …

Gifting and Estate Taxes Read More »

tips from IRS for small business

IRS Website Contains Tips for Small Businesses

On behalf of Silver Tax Group posted in Back Taxes on Thursday, November 2, 2017. There are a number of challenges that small business owners from Michigan must face when it comes to paying taxes. This includes writing off business expenses, calculating self-employment taxes, and organizing receipts and paperwork for inclusion with tax returns. The deadlines for filing taxes …

IRS Website Contains Tips for Small Businesses Read More »

IRS rehires with misconduct issues

Many IRS Rehires Have Prior Misconduct Issues

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, October 31, 2017. Taxpayers face criminal penalties for tax code infractions. However, IRS employees also have been guilty of misconduct. Some have a history of performance issues. And many may still be working for the agency. Employees with misconduct issues Treasury Inspector General for Tax Administration …

Many IRS Rehires Have Prior Misconduct Issues Read More »

new tax reform proposals

What’s Included in the New Tax Reform Proposals?

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, October 25, 2017. Every presidential administration promises some sort of significant tax reform. While the promise is almost always that the impact will be beneficial to the ordinary taxpayer, issues and unintended consequences usually arise. Michigan residents will nevertheless wish to pay attention to new changes in …

What’s Included in the New Tax Reform Proposals? Read More »

FATCA requirements

Will You Have to Abide by FATCA Requirements?

On behalf of Silver Tax Group posted in Offshore Accounts on Friday, October 20, 2017. If you as a Michigan resident have foreign assets in excess of $10,000, please make certain you are in compliance with federal tax laws. The rules are complex, and noncompliance comes with penalties including seizure of assets and criminal charges. Under the Foreign Account Tax …

Will You Have to Abide by FATCA Requirements? Read More »

trigger tax audits by credit card

Use of Credit Card Data to Trigger Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, October 11, 2017. Reasons for tax audits There are already lots of reasons why the IRS audits returns of taxpayers. This can include irregularities in accounting, willful and even non-willful mistakes, failure to submit proper forms, and questionable deductions. There is also another reason for tax …

Use of Credit Card Data to Trigger Tax Audits Read More »

new bill regarding digital currency

Failing to Report Side Income Has Consequences

On behalf of Silver Tax Group posted in Tax Crimes on Wednesday, September 27, 2017. From the perspective of the IRS, all income from any source is subject to taxation. However, many taxpayers (including those living in Michigan) are failing to report all of the money they receive. Data about failure to report side income According to an article from …

Failing to Report Side Income Has Consequences Read More »

new bill regarding digital currency

Congress Introduces New Bill Regarding Digital Currency

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 21, 2017. As digital currency is not the same as real currency, taxing of digital currency transactions is complex. Since digital currency can go up and down in value, exchanges and sales of digital currency trigger capital gains tax treatment. Because the price of digital currency has …

Congress Introduces New Bill Regarding Digital Currency Read More »

FATCA requirements

FATCA Requirements and Foreign Insurers

On behalf of Silver Tax Group posted in Offshore Accounts on Monday, September 18, 2017. Passed in 2010, the Foreign Accounts Tax Compliance Act (FATCA) continues to be controversial. FATCA requires specific foreign financial institutions to report on assets belonging to American citizens. Reporting under FATCA is complicated. And the consequences for noncompliance with FATCA are severe. FATCA requirements …

FATCA Requirements and Foreign Insurers Read More »

congressional bill

Congressional Bill Designed to Curb IRS Abuses

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 14, 2017. There have been a large number of complaints from farmers and business owners facing unjust IRS prosecution. Such complaints involve the IRS accusing farmers and small business owners of making transactions under $10,000 to avoid the Bank Secrecy Act rules. Congressional bill In …

Congressional Bill Designed to Curb IRS Abuses Read More »

tax breaks and job seekers

FATCA Challenge May Move to the Supreme Court

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, September 7, 2017. Congress passed the Foreign Account Tax Compliance Act (FATCA) with the idea of collecting more tax revenues from U.S. citizens living outside of the country. By implementing a series of complex reporting requirements on foreign financial institutions, authorities were hoping to identify accounts and …

FATCA Challenge May Move to the Supreme Court Read More »

proposals and tax write-offs

Proposals Could Mean Certain Tax Write-offs Will Vanish

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, August 30, 2017. Changes to the tax code that some politicians propose could actually hurt many individual taxpayers. This is because simplification of the tax code could eliminate a large number of tax write-offs. Such changes in turn could eliminate incentives to itemize deductions on tax forms. …

Proposals Could Mean Certain Tax Write-offs Will Vanish Read More »

underreporting taxes and penalties

Penalties due to Underreporting of Estimated Taxes

On behalf of Silver Tax Group posted in Back Taxes on Thursday, August 24, 2017. Most tax reporting that does not comply with IRS regulations will result in penalties. Yet because there are so many forms to fill out and procedures to follow, Michigan taxpayers may not even understand the requirements to follow. Penalties to underreporting In recent years, …

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risky procedure for foreign accounts

The Risky Streamlined Filing Procedure for Foreign Accounts

When you as a Michigan resident have combined balances of foreign accounts exceed $10,000, you will need to file a disclosure statement with tax authorities. Failure to do so could result in tax evasion charges, and this can bring with it criminal penalties. However, in 2009 the IRS began offering opportunities to disclose this unreported …

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obstruction of justice

Obstruction of Justice and the Tax Code

On behalf of Silver Tax Group posted in Tax Crimes on Thursday, July 27, 2017. Lawmakers may sometimes create overly expansive laws in order to prosecute more individuals. Unfortunately, such actions can result in prosecution of innocent people. It can also result in severe consequences for actions that most would describe as relatively minor infractions. The obstruction of justice …

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how to track complaints

FAST Track to Complaints: Is a Tax Call Legit?

On behalf of Silver Tax Group posted in Tax Audit on Friday, July 21, 2017. Lawmakers are once again attempting involving private debt collectors in tax collection efforts. A little known provision of the Fixing America’s Surface Transportation (FAST) Act allowed the IRS to outsource some collections to private contractors in an effort to recover approximately $138 billion in …

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willfulness and the disclosure of foreign account

Willfulness and the Disclosure of Foreign Account Info

On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, July 11, 2017. We’ve spoken many times on this blog about the complex reporting requirements that accompany ownership of foreign accounts. Beyond the complexity, it is extremely difficult for individual taxpayers to keep track of all of the rules pertaining to these accounts. Disclosure of foreign account …

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