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

July 2018

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 they “exchanged or swapped” one VC

  • JD Supra

Taxpayers ought to wait for IRS guidance before strategizing their SALT

June 2018

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 statutory limitation on

  • JD Supra

More on Transition Tax. Including extension and waiver

June 2018

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.jdsupra.com/legalnews/more-on-transition-tax-including-55713/

  • JD Supra

Not Mea Culpa

June 2018

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

  • JD Supra

Did you know that Casinos are Financial Institutions?

June 2018

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 Act (BSA).  This means that Casinos have to:   https://www.jdsupra.com/legalnews/did-you-know-that-casinos-are-financial-42736/

  • JD Supra

I didn’t know that I was American

June 2018

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 tax obligations.  These Individuals are known as “Accidental Americans”.   https://www.jdsupra.com/legalnews/i-didn-t-know-that-i-was-american-12567/

  • JD Supra

IRS issues a “Tax Book”

May 2018

During 2017, 245 million tax returns were processed by the IRS and more than $3.4 trillion in federal taxes was paid by individuals and businesses to the US Treasury.      https://www.jdsupra.com/legalnews/irs-issues-a-tax-book-59008/

  • JD Supra

Financial Planning Season: A way to evaluate your Provider

May 2018

After the tax filing season, many Taxpayers realize that this is the right time to think about financial planning; given the fact that their financial records are updated and handy.     https://www.jdsupra.com/legalnews/financial-planning-season-a-way-to-81633/

  • JD Supra

Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!

May 2018

Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019: https://www.jdsupra.com/legalnews/make-your-connection-with-the-top-10-81826/

  • JD Supra

Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

May 2018

Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC.   US Agencies: IRS, FinCEN, SEC and CFTC – have expressed differing views about VC.  Different interpretations from the main US Regulating Agencies

  • JD Supra

Everyone wins when accepting Virtual Currency as Payment…

May 2018

Acceptance of Virtual Currency (VC) as a form of 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

  • JD Supra

Who monitors digital currency wallets?

May 2018

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

  • JD Supra