One of my favorite pieces of reading every year is the IRS Criminal Investigations unit’s annual report.
Yes, I’m a nerd.
Here’s the link in case you are a similarly inclined Los Angeles County taxpayer(although I seriously doubt that).
Oh, and yes, the IRS has their own cops.
One of the particular focuses this year was all of the fraud related to CARES Act and other relief programs that came on the heels of all of the shutdowns, etc.
One of their prominent cases, of course, involved an NFL player who schemed up 24M in fraudulent PPP loans.
Speaking of the PPP, the IRS also deemed expenses paid from its proceeds to be taxable — unless the loan will not be or was not forgiven. If there is a “reasonable” expectation of forgiveness, then those expenses will in fact be taxed.
So use this, if you need to talk through any of this: 323-597-1152
Virtual currency is a major focus as well. If you have ANY of these transactions in your history, you must make sure that they are properly reported. Just because it’s encrypted … doesn’t mean that it’s not taxable.
The main point I want to make here after perusing the report is this:
Just because we’re in unprecedented circumstances does NOT mean that the IRS will suddenly start being “nice”. With all of those government funds flying out there in relief programs, they gotta find that extra revenue SOMEWHERE.
Don’t let it be you. Let us help.
We’re in your corner.
Victor M. Quinones
Quinones & Co., Inc.