AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity
AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity was published by JD Supra on 7/31/18. On 5/30/18, the American Institute of CPAs (AICPA) sent a letter (https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180530-aicpa-comment-letter-on-notice-2014-21-virtual-currency.pdf) to the IRS presenting the AICPA’s updated recommendation to the IRS Guidance on Virtual Currency (VC) Notice2014-21 (https://www.irs.gov/pub/irs-drop/n-14-21.pdf). The recommendations are set forth in […]
LAW ENFORCEMENT and OTHERS DISSAPOINTED with ULTIMATE BENEFICIAL OWNERSHIP DRAFT LEGISLATION
LAW ENFORCEMENT and OTHERS DISSAPOINTED with ULTIMATE BENEFICIAL OWNERSHIP DRAFT LEGISLATION was published by JD Supra on 7/31/18. There is a Bill (H.R. 6068), originally drafted on November 14, 2017, called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill intended to propose a substantial overhaul to the Bank Secrecy Act (BSA). When the […]
Official Hope for the De-Risked?
Official Hope for the De-Risked? was published by JD Supra on 7/25/18. Deficiencies in Anti-Money Laundering (AML) frameworks and policies have triggered a significant number of Financial Institutions (FIs) to de-risk. The FIs that de-risk as a solution to AML deficiencies are exiting client relationships and removing or restricting banking products from their overall platform […]
When Bank Account Activity is not Consistent with the Customer’s Business
When Bank Account Activity is not Consistent with the Customer’s Business was published by JD Supra on 7/25/18. According to the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) states that the main focus for Financial Institution ought to be on the reporting of suspicious activities. Meaning, where the bank “activity is suspicious or […]
Did you know that IRS is running 35 Campaigns?
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 issues that present risk and require a response in the form of one or multiple […]
Should Law Firms accept Virtual Currency? Only if they immediately convert to USD!
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 their reach. This might entail entering the world of Virtual Currency (VC) and accepting payments […]
Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act
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 the Tax Cut and Jobs Act (TCJA), VC investors could take the position that if […]
Taxpayers ought to wait for IRS guidance before strategizing their SALT
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, to assist Taxpayers with understanding the relationship between federal charitable contribution deductions and the new […]
More on Transition Tax. Including extension and waiver
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 on 3/13/18 as Section 965 of the Internal Revenue Code (IRC) could give rise to […]
Are You Confused with Virtual Currency?
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 less than a year ago, bought it for investment more than a year ago or […]
Not Mea Culpa
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 professional or from a tax software that turned out to be incorrect. This type of […]
If my Virtual Currency is walking around with me, is it reportable?
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 operate in the US or foreign jurisdictions. VC exchanges domiciled in foreign jurisdictions that operate […]
