IRS & California Tax Blog

Finding a CP14 Notice from the IRS in your mailbox can be unsettling. You may wonder whether the balance due is accurate, if the IRS made a mistake, or what consequences you’ll face if you don’t respond. This notice is the IRS’s formal communication informing you of an unpaid tax balance, and it’s critical to…

Receiving an IRS notice or discovering unresolved tax liabilities can be a serious and stressful experience. Mishandling these issues can result in significant penalties, enforcement actions, or further legal exposure. Timely, strategic legal guidance is critical to protecting your interests. At Kugelman Law, we assist individuals and businesses to navigate IRS audits, tax disputes, and…

Key Takeaways for Digital Asset Holders New Guidance: IRS Revenue Procedure 2024-28 allows taxpayers to allocate basis in digital assets to wallets or accounts for tax purposes as of January 1, 2025. The allocation must be reasonable and can be either specific or global. This is crucial for accurate tax reporting. Transition Period: The guidance…

Is Your Business Eligible for the ERC Voluntary Disclosure Program? If your business claimed the Employee Retention Credit (ERC) during the COVID-19 pandemic, recent IRS actions may affect you. The IRS has introduced a voluntary disclosure program that allows businesses to correct erroneous ERC claims without facing severe penalties. If your business is uncertain about…

You Have a Right To Appeal in U.S. Tax Court The IRS has recently resumed the issuance of LT 11 notices, which is a notice of intent to levy because of unpaid taxes, after a pause during the COVID pandemic. An LT 11 notice is the IRS signaling to the taxpayer that it intends to…

Practical Advice from Kugelman Law Tax season can often be a daunting time for many individuals and businesses. The complexities of tax laws combined with the pressure of meeting deadlines can lead to heightened stress levels. However, with proper preparation and guidance, navigating tax season can be a breeze. As attorneys focused on tax and…

Learn About Crypto Tax Audits Crypto tax attorney Alex Kugelman provides a comprehensive breakdown of what causes a crypto audit and how to respond to a crypto audit on the latest Bitcoin Taxes podcast. Alex shares with host Sal Vescio a thorough overview of what causes a crypto audit, what to expect during an audit,…

IRS Crypto Tax Reporting Requirements As part of the Infrastructure Bill’s legislation, there is a requirement for crypto exchanges to report information to the IRS about its crypto and NFT transactions and investors. Now that the IRS will be tracking crypto investments, whether you are a trader, miner, developer, or a broker it is critical…

Investigations Focus on Taxpayers Paid in Crypto Who Do Not Report The IRS Criminal Investigation (CI) Division is preparing hundreds of cases and increasing enforcement related to crypto tax evasion and off-ramping transactions involving exchange of digital assets for fiat currency. Division Chief Jim Lee announced on a press call that there has been a…

What Are The Steps in an IRS Tax Audit? Taxpayers facing a tax audit are confronted with the first step in a stressful journey through examination, appeals, and possibly litigation. Our team of IRS and U.S. Tax Court attorneys guides clients through the administrative process for an efficient resolution. The IRS starts an audit or…