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Did you know that IRS is running 35 Campaigns?

July 2018

Did you know that IRS is running 35 Campaigns? was published by JD Supra on 7/13/18. In January 2017, the IRS Large Business and International Division initially announced the launch of a “compliance campaign process” in which IRS identifies compliance

JD Supra

Should Law Firms accept Virtual Currency? Only if they immediately convert to USD!

July 2018

Should Law Firms accept Virtual Currency? Only if they immediately convert to USD! was published by JD Supra on 7/10/18. Law Firms, like other businesses, want to be able to offer more services to more clients expanding; the scope of

JD Supra

Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act

July 2018

Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act was published by JD Supra on 7/5/18. There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC). Prior to the passage of

JD Supra

Taxpayers ought to wait for IRS guidance before strategizing their SALT

June 2018

Taxpayers ought to wait for IRS guidance before strategizing their SALT was published by JD Supra on 6/28/18. On May 23, 2018, IRS released Notice 2018-54 to inform Taxpayers that IRS, in the near future, will be releasing proposed regulations,

JD Supra

More on Transition Tax. Including extension and waiver

June 2018

More on Transition Tax. Including extension and waiver On 6/4/18, IRS added 3 additional questions to the existing 14 Questions in its: “Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns” : https://www.irs.gov/newsroom/questions-and-answers-about-reporting-related-to-section-965-on-2017-tax-returns. IRS originally published these FAQs

JD Supra

Are You Confused with Virtual Currency?

June 2018

Are You Confused with Virtual Currency? was published by JD Supra on 6/26/18. The ins and outs of virtual currency (VC) continue to challenge those who received VC for services rendered, accepted it for goods sold, bought it for investment

JD Supra

Not Mea Culpa

June 2018

Not Mea Culpa JD Supra 7/19/18 There are times when Taxpayers will attempt to use the “it is not my fault” argument as a defense relating to IRS penalties. Taxpayers might argue that they relied on guidance from a tax

JD Supra

If my Virtual Currency is walking around with me, is it reportable?

June 2018

If my Virtual Currency is walking around with me, is it reportable? – JD Supra 7/19/18. Virtual Currency (VC) storage comes in the form of a “wallet” with private digital keys. The “wallets” can be domiciled in VC exchanges that

JD Supra

Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities?

June 2018

Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities? JD Supra 7/12/18. Foreign Persons that own 25% of a US entity might want to reassess their strategy as it relates to that ownership. It “used to be” (until December,

JD Supra

Did you know that Casinos are Financial Institutions?

June 2018

Did you know that Casinos are Financial Institutions? JD Supra 7/12/18. Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy

JD Supra

I didn’t know that I was American

June 2018

I didn’t know that I was American – JD Supra 6/5/18. There are Individuals out there that are US Citizens (“Americans”) and they are not aware of it. Under US Tax Law, these individuals have US tax reporting responsibilities and

JD Supra

“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad

June 2018

“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad – JD Supra 6/1/18. If you are a US citizen or a Permanente Resident and you live abroad, you are