Tax

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.

One of the more common letters sent out by the IRS is Notice CP501. This notice acts as the first step by the IRS to collect on money that is due.

This week we continue our look at common IRS letters and notices. Letter 525, sometimes called the 30-day letter, is a notice of proposed adjustment to your return. It is called a 30-day letter because you only have a 30-day window to respond to it.