On July 6, 2020, the IRS issued Tax Tip 2020-80 to remind business taxpayers that, commencing with payments made in 2020, they must report any payments of over $600 per year for services by non-employees on Form 1099-NEC (for...more
Recent investigations targeting companies in various industry sectors ranging from technology to finance, and shipping to insurance, illustrate that economic sanctions are a high risk area for companies in Asia. Our Asia...more
Are you considering accepting cryptocurrencies (e.g., Bitcoin, Litecoin) from your customers as payment in lieu of traditional government-issued currency? If so, you are not alone. Numerous businesses in a wide range of...more
On March 10, 2015, the New Jersey Division of Taxation issued Technical Advisory Memorandum TAM-2015-1, explaining its policy regarding convertible virtual currency. - The IRS has held that convertible virtual currency...more
On March 10, 2015, the New Jersey Division of Taxation issued Technical Advisory Memorandum TAM-2015-1, explaining its policy regarding convertible virtual currency. The IRS has held that convertible virtual currency (CVC),...more
On December 5, the New York State Department of Taxation and Finance (DTF) issued the memorandum “Tax Department Policy on Transactions Using Convertible Virtual Currency.” The memorandum clarified that under New York law,...more