The Internal Revenue Service (IRS) is cracking down on individuals who fail to report cryptocurrency transactions and who fail to pay income taxes triggered by these transactions. In late 2019, the IRS issued updated guidance on the federal tax treatment of cryptocurrency (or “virtual currency”); and, at the same time, it warned that it is, “actively addressing potential non-compliance in this area through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.” If you are concerned that you may be behind on your federal tax obligations, you should speak with a New Jersey tax attorney promptly.

Although federal tax crimes are serious matters, state tax authorities can prosecute state tax crimes aggressively as well. The state of New Jersey is no exception.  Convictions for tax fraud and tax evasion in New Jersey can have dire consequences. When a taxpayer is accused of such conduct, a New Jersey tax attorney is essential to defend the taxpayer’s rights.

When a taxpayer falls behind on their federal taxes, the IRS may file a tax lien on the taxpayer’s property.  IRS tax liens can cause numerous financial problems for the taxpayer.  The taxpayer will almost certainly want to take steps to remove the lien as soon as possible.

You can’t pay your taxes. You are racking up penalties and interest and it’s gotten to the point where you know you are going to need the help of a New Jersey tax lawyer to negotiate some kind of payment plan with the IRS.

Individual and business taxpayers that owe the Internal Revenue Service back taxes might be able to pay less than they owe and still extinguish their IRS debt.