News and Events

Under a new Biden administration proposal, the IRS may be significantly increasing its efforts to target delinquent taxpayers in 2021 and beyond. The proposal seeks to raise approximately $700 billion in revenue over the next 10 years by closing the “tax gap,” and this will require the IRS to conduct significantly more audits in the decade to come. So, are you at risk of being audited? In this article, US International Tax Advisors discusses some of the most common triggers for IRS audits.

With 2021’s delayed federal tax deadline of May 17 fast approaching, the Internal Revenue Service (IRS) is warning U.S. taxpayers to be careful when preparing their annual returns. On April 20, the agency issued a News Release advising that taxpayers must, “[s]teer clear of typical tax return errors” in order to avoid unwanted scrutiny. Here, US International Tax Advisors shares his insights on what taxpayers should do to protect themselves.

After being slowed by the COVID-19 pandemic in 2020, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) is aggressively targeting taxpayers in 2021. IRS CI announced well over 100 criminal investigations in March, and it is set to surpass this monthly total in April. This far exceeds the monthly totals from the same time period last year. As US International Tax Advisors, explains, IRS CI’s recent enforcement activity highlights some notable trends for U.S. taxpayers residing both domestically and abroad.

What should you do if you discover that you made mistakes on your 2020 tax return? If you are asking this question, you are not alone. Many taxpayers discover past filing mistakes when preparing their returns for the subsequent year; and, with all of the turmoil and challenges of 2020, there are plenty of taxpayers who need to correct filing mistakes in 2021. In this article, US International Tax Advisors provides an overview of the five primary options for fixing past filing mistakes.

The IRS is cracking down on cryptocurrency-related tax fraud in 2021. Over the past two years, the IRS has delivered thousands of “education letters” to cryptocurrency investors, and the agency has made clear that it will be aggressively targeting investors (“through a variety of efforts, ranging from taxpayer education to audits to criminal investigations”) who underreport and underpay their tax liability in 2021.