Everyone wins when accepting Virtual Currency as Payment…
Everyone wins when accepting Virtual Currency as Payment… was published by JD Supra on 5/8/18. Accepting Virtual Currency (VC) as payment for goods and services is growing. States like Arizona and Georgia have introduced bills that would allow Taxpayers in those states to pay their taxes with VC. Two of the Big 4 Accounting firms […]
Who monitors digital currency wallets?
Who monitors digital currency wallets? was published by JD Supra on 5/8/18. Investors in Virtual Currency (VC) utilize the services of on-line “secure” platforms for buying, selling, transferring, and storing VC. The providers of these services are known as web-wallets (Coinbase is an example). They are required to register and operate as Money Service Businesses (MSB) by […]
Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018
Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018 was published by JD Supra on 5/1/18. Covered Financial Institutions (CFI) have until May 11, 2018 to implement and comply with the Financial Crimes Enforcement Network (FinCEN) Final Customer Due Diligence Rule (the CDD Rule). The CDD Rule […]
Watch out for those who Promise Bogus Charitable Giving Tax Schemes
Watch out for those who Promise Bogus Charitable Giving Tax Schemes was published by JD Supra on 4/25/18. In the US, there are promoters of phony companies that pose as registered charities and solicit charitable contributions by individuals or corporations. The Donor will provide a receipt that is later refused by the tax authority (IRS) […]
Avoid this while filing your taxes
Avoid this while filing your taxes was published by JD Supra on 4/13/18. To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns. Taxpayers want to make sure that their returns are processed correctly by the IRS. Common tax filing errors such as a missing Social Security Number, […]
Virtual Currency Investors have a lot of responsibilities!
Virtual Currency Investors have a lot of responsibilities! published by JD Supra 4/13/18. For U.S. Federal Income Tax purposes, Virtual Currency (VC) is treated as property. As a result, a VC investor ought to keep a very close watch on potential net short term capital gains (realized gain if VC is held one year or […]
IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017
IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017 published by the South Florida Legal Guide,
Taxpayers may have to pay Section 965 Transition Tax when filing their 2017 Tax Returns
Taxpayers may have to pay Section 965 Transition Tax when filing their 2017 Tax Returns published by JD Supra 4/10/18. Section 965 of the Internal Revenue Code requires certain U.S. Shareholders to pay a transition tax on the untaxed foreign earnings of certain Specified Foreign Corporations as if those earnings had been repatriated to the United States. Section 965 may give rise […]
20% Tax Deduction for Pass-Through Entities?
20% Tax Deduction for Pass-Through Entities? – JD Supra 3/27/18. IRS defines Pass-Through entities as: “an entity that passes its income, loss, deductions, or credits to its owners. The owners may be partners, shareholders, beneficiaries, or investors. It usually does not have an entity level income tax liability”. In the U.S., Pass-Through entities comprise 90% […]
Understanding the “GILTI” of the Tax Reform
Understanding the “GILTI” of the Tax Reform – JD Supra 3/27/18. The Tax Cuts and Jobs Act (TCJA) introduced several complex, hard to understand international tax provisions to the Internal Revenue Code. One of them is the tax on Global Intangible Low-Taxed Income (GILTI). Beginning with January 2018, a U.S. shareholder of any Controlled Foreign […]
IRS Virtual Currency Amnesty? Not so Fast!
IRS Virtual Currency Amnesty? Not so Fast! – DBR 3/22/18.
Taxes in Florida
Taxes in Florida – JD Supra 3/21/18. The Sunshine State is one of the lowest tax burden states in the US. Florida has no state individual income tax. At the state level, there is NO tax on social security benefits, retirement income, IRAs, 401(k) accounts, pensions, inheritance and estate taxes. The state also has business […]
