As always, there is a lot going on in the tax world that impacts businesses and their owners, this year in particular due to the Tax Cuts and Jobs Act. It was my privilege to again serve as editor of the AICPA’s Tax Adviser August Tax Clinic, a special section in the professional journal...
Read MoreInformation Release 2019-132, issued on July 26, 2019, advises virtual currency owners to expect a letter providing information on how to pay back taxes through filing amended returns. Virtual currency investors were identified through ongoing enforcement actions, including the summons on the...
Read MorePursuant to statements made by IRS Commissioner Charles Rettig on May 30, 2019, much-anticipated cryptocurrency tax guidance should be released “very soon.” Rettig suggested the guidance, which would come in the form of a revenue ruling and a revenue procedure, could be released...
Read MoreApril 3, 2019, marked two “firsts” for the SEC as they simultaneously released: A framework to help determine whether a digital asset offered in an initial coin offering (ICO) constitutes a securities offering and is therefore subject to U.S. securities laws; andA no-action...
Read MoreWhile cryptocurrencies have become a popular investment vehicle, there is still much ambiguity regarding how to treat the emerging asset class for tax purposes. Taxation of cryptocurrencies is complicated at any level, be it partnership, corporation or other. However, it's also important to...
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