Demetrius J. Karos, Ltd.

TAX REPRESENTATION FROM A FORMER IRS EMPLOYEE

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What is injured spouse relief?

Most married couples file joint income tax returns. There are often significant financial advantages to doing so. Moreover, it usually just makes sense and saves time. However, sometimes one person’s individual issues can negatively affect their spouse. When that...

Do you have to report cash tips to the IRS?

If there is one thing that you always need to remember, it’s that the Internal Revenue Service will try to get every penny that it is due. While there are times when it will give people payment plans or help with installments, the reality is that failing to pay taxes...

Is cryptocurrency taxable?

If you have not paid tax on cryptocurrency profits so far, you need to start. While it has been a bit of a gray area, the IRS is determined not to miss out just because you do not keep your money in worldly assets. This year’s tax returns have a section dedicated to...

Is it too late to admit to taxable assets?

There are many ways to keep your assets away from the IRS. Yet, doing so runs the risk that they will one day find out. If you have not told the truth about your assets to the IRS in the past, it is easy to think you are so deep in that your only option is to keep up...

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