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 […]
Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities?
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, 2016) that a Foreign Person as a single owner of a Limited Liability Company (LLC) […]
Did you know that Casinos are Financial Institutions?
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 Act (BSA). This means that Casinos have to: Develop and implement a written Anti-Money Laundering […]
I didn’t know that I was American
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 tax obligations. These Individuals are known as “Accidental Americans”. How can someone be an […]
“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad
“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 taxed on your worldwide income and you are considered a US Taxpayer. US citizens and Permanent […]
IRS issues a “Tax Book”
IRS issues a “Tax Book” was published by JD Supra on 6/1/18. 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. The cost of collecting $100 was 34 cents, the lowest cost in more than 70 […]
