First, here’s a painful reminder (h/t: Reddit‘s libertarian page) of the relationship between taxpayers and politicians, though it’s worth noting that they want to grab your income regardless of whether there’s a lot or a little. In other words, the taxpayer could be holding a ...
Transcript Codes 420, 421 & 424 – IRS further examination/audit A transaction/tax code 420 on your transcript means that your tax return was pulled for a potential audit or further examination by the IRS. It does not necessarily mean that it will assigned for a detailed audit, just that ...
On Thursday, a user of the r/bitcoin subredditdescribedreceiving such a letter. Lawyer Tyson Cross, writing forForbes, also detailed how a number of his crypto-focused clients have received this kind of letter from the IRS. TheUnited States’Internal Revenue Service (IRS) is allegedly consideri...