IRS

With the rise of so-called tax experts on social media sites like TikTok, one might believe that creating an LLC is the path to deducting any and every expense that you can push through the company’s accounts.

A lawsuit is a long and challenging process, and towards the end you may just be happy that it’s almost over. After all the stress, paperwork, and meetings with your attorney, you’ll finally be able to move on with your life.

The IRS recently announced “Operation Hidden Treasure,” aimed at identifying unreported crypto-related income. This is just the latest effort by the IRS to crack down on unreported income from cryptocurrency activity.

Most people are aware that cash transactions for $10,000 or more have to be reported to the IRS to help identify and prevent money laundering activities. For cash-based businesses, this reporting requirement can be burdensome, so people will try to arrange payments in such a way as to avoid the $10,000 limit.