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Crypto & Tax-Loss Harvesting: What the IRS Rule Means for Digital Assets

January 20, 2026 Virtuoso No Comments
When it comes to tax-loss harvesting and cryptocurrencies, the rules aren’t the same as those for stocks. Under current U.S. federal law, the wash sale rule doesn’t apply to cryptocurrency—but it could change in the future. What the IRS Says Today The IRS treats cryptocurrencies (and other “digital assets”) as…
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What to Do If the IRS Says You Underpaid Taxes

January 10, 2026 Virtuoso No Comments
If you receive a notice indicating that you underpaid your taxes, it means the IRS has determined your reported tax liability was incorrect. It could be due to an error, missing income, or miscalculation. In that case, you may owe additional tax, plus interest and possibly penalties for the underpayment.…
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What IRS Revenue Officers Don’t Tell You (And Why Representation Matters)

December 20, 2025 Virtuoso No Comments
When you receive contact from an Internal Revenue Service (IRS) Revenue Officer (RO), the conversation may feel like you’re negotiating on their turf. They’re experienced tax officials who know all the rules of the game—while for you, it may be the first time you’re ever dealing with an RO. You…
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The Hidden Cost of Failing to Report Inherited Property

December 10, 2025 Virtuoso No Comments
When you inherit property, it’s easy to assume everything’s settled. However, missing or misreporting key tax details can lead to unexpected liability. At Gabaie & Associates, LLC, we help clients uncover these blind spots before they become costly. What is the Tax Basis of Your Inherited Asset? For most inherited…
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IRS Liens and Levies: Don’t Fall for These 3 Myths

November 20, 2025 Virtuoso No Comments
When it comes to tax enforcement, rumors and half-truths spread fast. Let’s go over five of the most persistent myths around IRS liens and levies—and what you should really know as a taxpayer. Myth 1: “The IRS can’t touch my retirement or pension accounts.”  Truth: Under U.S. tax law, the IRS can levy…
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Do You Have Maryland Sales Tax Nexus? 3 Simple Tests for Businesses

November 10, 2025 Virtuoso No Comments
If you sell products or services that reach Maryland customers, you may have a legal duty to collect Maryland sales tax—even if your business is based out of state. In Maryland, this sales and use nexus is what determines if your business is required to collect and remit tax. If…
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Reverse Eggshell Audits: The IRS Knows More Than You Think

October 20, 2025 Virtuoso No Comments
Many taxpayers believe an IRS audit is just a civil matter. But in some cases, by the time the audit begins, damaging information is already in the hands of the government. That’s what makes a reverse eggshell audit far more dangerous than it appears on the surface. What Is an…
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Late Payroll Tax Deposits? Here’s How the IRS Penalties Add Up

October 10, 2025 Virtuoso No Comments
When it comes to payroll taxes, the IRS expects precision. Employers are required to withhold federal income tax, Social Security, and Medicare from employee wages. You must also deposit those funds on time, in the correct amount, and through the proper channels. When deposits are late or missed, the IRS…
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What to Do When an IRS Revenue Officer Shows Up

September 30, 2025 Virtuoso No Comments
When the IRS assigns a Revenue Officer to your case, it’s a sign your tax situation has moved beyond routine notices. It’s a serious problem, but you can get in front of it with the right professional help. What Does a Revenue Officer Do? A Revenue Officer is a highly…
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