Let's Work Together! Call us Now!
(305) 606-6139 | (305) 285-3042

Let's Work Together! Call us Now! (305) 606-6139 | (305) 285-3042

  • Published: March 22, 2018

This week, we are continuing our discussion about the process to reduce your IRS tax debt, and the information that must be reported to the Internal Revenue Service (“IRS”). In addition to income and expenditures that must be reported, the IRS also requires that taxpayers wishing to reduce their debt report certain assets that they own. Taxpayers should err on the side of caution and report any and all assets held in their ownership, whether these assets are foreign or domestic. Here is a quick list of assets that must be reported. Like with our previous discussion, we will split our discussion between personal and business assets.

Crypto and Banking

We recommend the following high-quality options for secure Bitcoin transactions and online banking services:

Zonic NFTs Marketplace

Zonic is a premier destination for digital asset enthusiasts equipped with cutting-edge blockchain technology. Their exclusive features include the Zonic NFT Marketplace, where users can trade NFTs across a wide range of categories.
Zonic NFTs Marketplace

Bilinear NFTs Marketplace

A marketplace offering various NFT collections like Linea Voyage NFTs, Bilinear NFTs, and the opportunity to claim, build and trade NFTs.
Bilinear NFTs Marketplace

AAVE Staking App

Staking with AAVE app allows you to earn passive income through the process of cryptomining. It offers various staking options with competitive rates. Plus, AAVE app has a user-friendly interface, making staking easy even for beginners.
AAVE Staking App

Moneris Login

Moneris is your one stop shop for all your merchant needs. Quickly gain access to your Moneris merchant account with our simple Moneris Login. Find answers for FAQs, Details on Moneris Gateway, Plugins and much more...
>Moneris Login

WPStripe WordPress Plugin

WpStripe Plugin is a powerful tool for seamlessly integrating Stripe payment gateways into WordPress websites. Accept online payments securely, manage subscriptions, and customize payment forms with ease. Experience a hassle-free payment processing system with advanced features and dedicated support.
WPStripe WordPress Plugin

BTC and ETH QR code generator websites

This collection comprises of a variety of online platforms, designed to generate QR codes for Ethereum (ETH) and Bitcoin (BTC) addresses. These websites offer a user-friendly interface with step-by-step guides to help users create custom QR codes that serve as a direct channel to their crypto wallet addresses. Users could conveniently use these generated QR codes for transactions, thus making the process of sending and receiving cryptocurrencies faster and more efficient. The collection includes online tools with different features such as customization of QR codes, error correction capability, and optional encryption for extra security. The generated QR codes from these sites can be used in print and digital format which are scannable with most smartphone cameras or QR code scanner apps. These websites work as powerful tools for streamlining cryptocurrency transactions and promoting the wider use of digital currencies.
BTC ETH QR generator QR for BTC ETH QR Code BTC ETH Generate Crypto QR Code Online Generate Bitcoin QR Code Generate ETH QR Code

TD EasyWeb Business Login

Unlock efficiency with TD EasyWeb Business Login for your business's financial management. Our tailored solutions cater to your specific needs, whether you're a small enterprise or a large corporation.
TD EasyWeb Business Login

BMO Online Banking Login

BMO Login Online Banking. Find out information on BMO Online Banking Sign In and BMO Mastercard Login, BMO Business Login and much more.
BMO Login Online Banking

CRA Login Canada Revenue Agency

CRA Login section including CRA My Account login, CRA representing a client, CRA business login, MyCRA Login and more. Canada Revenue Agency.
MyCRA Login | Canada Revenue Agency | MyCRA | CRA My Account

RBC Online Banking Sign In

Learn about the RBC Online Banking Sign In. You can access your RBC accounts securely online with the RBC Online Bankink. Login to RBC.
RBC Online Banking Sign In Login to RBC Express RBC Express Login

BNC Entreprise En Ligne

BNC (Banque Nationale du Canada) est une banque parmi les plus importantes au Canada. Dans un effort constant d'être à la fine pointe de la technologie, BNC a développé une plateforme en ligne appelée BNC Entreprise, spécialement conçue pour les entreprises. Cette banque en ligne permet aux entreprises de gérer efficacement et sécuritairement leurs finances. Ce guide complet vous donnera un aperçu des principales fonctionnalités et services offerts par BNC Entreprise En Ligne.
BNC Commercial Login BNC Entreprise Login BNC Services aux Entreprises
Last updated: October 30, 2023
by Jacob Silverman Freelance journalist and podcaster covering tech, crypto, politics, and corruption. and Alex Morrell Alex Morrell is a senior correspondent at Business Insider covering Wall Street at large.

Cash

Taxpayers wishing to reduce their IRS debt must report any cash they own. This includes any amount held in a bank account, whether that account is a checking account, savings account, money market account or an online-only account. Of course, cash held in outside of an account or secured places like a safe or safety deposit box must also be reported.

Stocks And Bonds

Typically, when one is reporting income tax to the IRS, stocks and bonds must only be reported once that taxpayer has made a sale (known as realized gains). However, for purposes of tax reduction, stocks and bonds not yet sold must be reported (known as unrealized gains). A taxpayer wishing to reduce their IRS debt must report the fair market value of stocks and bonds they own.

Retirement Accounts

As is the case with stocks and bonds, the fair market value or retirement accounts must be reported (these include 401k and IRA accounts) even though payout of these accounts has yet to occur. The value must be reported, even if the account is still growing. Simply report the current value, though. Do not include expected gains or growth.

Vehicles

The value of any car that the taxpayer currently owns or any lease must be reported. If the taxpayer is reporting a lease, the current value less any loan amount is reported.

Life Insurance Policy

If the taxpayer owns a traditional life insurance policy, they must report the current cash value of that policy. If the cash value of the property has yet to accrue, then none needs to be reported. Also, if the taxpayer has borrowed against the cash value, then they can offset the cash value by the borrowed amount. Keep in mind, term life insurance policies do not have a cash value, so taxpayers need not worry about reporting the value of a term policy as there is none.

Real Estate

When reporting any real estate the taxpayer owns, certain information must be included. Among this is the county and country where the property is located, whom the title is in, whether the property is a primary residence of the taxpayer, and, if held with a mortgage, the current value less any loan balance. The fair market value of the properties would be listed and reduced by any mortgages or other similar encumbrances on the property.

Miscellaneous

Any miscellaneous assets must also be reported. This includes collectibles (e.g., automobiles, sports cards, coin, etc.), artwork, and jewelry. The taxpayer must report the fair market value of these items.

Business Assets

Regarding business assets, many of personal asset discussion would apply such as cash that is held by a business must be reported. However, it is important to note assets akin to business that must also be included. Among these are the equipment owned by the business used for producing goods or office equipment such as industrial copy machines. Another asset is any amounts of accounts receivable. Finally, any notes receivable issued by the business. This could be loans issued owners of the business.

As with all of our blogs, if you have any questions regarding the information we have provided, please contact our office. We would be happy to help answer any questions you may have.

SG Law Group.

Call SG Law Group now for help with complex situations.
Phone: (305) 606-6139 or (305) 285-3042.

Speak To An Expert Now
Translate »
Accessibility Accessibility
× Accessibility Menu CTRL+U