Steve PerrySmall business owners face serious IRS audit risks. Steve Perry, EA fights for you when every dollar and decision matters most.
Steve Perry- Many taxpayers fear the IRS due to myths and misinformation, which cause undue stress and hinder proper action. - Myth 1: You can negotiate with the IRS, especially when represented by experienced professionals like Steve Perry, EA, who manage audits and appeals. - Myth 2: The IRS does not always win audits; about 20% end without changes, and taxpayers can appeal or take cases to Tax Court. - Myth 3: Hiring a tax professional does not increase audit risk; it often reduces it by ensuring compliance and accuracy. - Myth 4: IRS representation by Enrolled Agents or tax attorneys is affordable and can save money by preventing costly mistakes. - Myth 5: Wage garnishment is a last resort after multiple notices and attempts to resolve the debt, not an immediate action post-audit. - Myth 6: Audits are civil procedures, not criminal; jail only occurs if fraud leads to criminal investigation. - Myth 7: Taxpayers can dispute audit findings through reconsideration, appeals, or Tax Court with professional help. - Myth 8: It’s never too late to seek help, even for unfiled tax returns; resolving filings is the first step to managing debts. - Books, Taxes & More, led by Steve Perry, EA, helps taxpayers understand their rights and confidently navigate IRS audits and disputes.
Steve Perry- Since IRS Notice 2014-21, cryptocurrencies are treated as property for tax purposes, making crypto transactions subject to reporting like stock transactions. - The IRS actively enforces crypto tax compliance, including a direct question on Form 1040 about digital asset activity, flagging potential audits. - Audits can be triggered by large or frequent transactions without reported income, inconsistent capital gains reporting, suspicious wallet transfers, or missing 1099 forms. - During audits, taxpayers must provide detailed transaction records, wallet and exchange statements, and proofs of gain/loss calculations; discrepancies can lead to penalties or legal consequences. - Enrolled Agents like Steve Perry offer expertise in interpreting blockchain data, representing clients before the IRS, negotiating penalties, and assisting with voluntary disclosures for prior errors. - As cryptocurrency use grows, accurate record-keeping and reporting is crucial to avoid IRS penalties, and professional tax assistance is key when facing audits.