News & Analysis as of September 25, 2024

Foreign Account Tax Compliance Act › Digital Assets

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The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +

Regulatory & Risk Advisory Review: Cayman Islands - April to June 2024

Conyers on 7/23/2024

Welcome to the second instalment of 2024 of the Regulatory & Risk Advisory Review. In this edition we cover several Cayman Islands regulatory updates including updates to the Beneficial Ownership Transparency Act, the...more

Estrategias Y Esquemas Tributarios Para Evitar Impuestos A La Vanguardia Del IRS

Foodman CPAs & Advisors on 5/20/2024

El 11/04/24, el IRS concluyó su Lista de la Docena Sucia de 2024 con una “advertencia a los contribuyentes sobre los promotores que venden estrategias fiscales falsas y esquemas extraterritoriales fraudulentos diseñados para...more

Tax Strategies And Schemes To Avoid Taxes At IRS Forefront

Foodman CPAs & Advisors on 5/20/2024

On 4/11/24, the IRS wrapped up its 2024 Dirty Dozen List with a “warning to taxpayers regarding promoters selling bogus tax strategies and fraudulent offshore schemes designed to reduce or avoid taxes altogether”. Tax...more

Senate Finance Committee Requests Public Comments on Digital Asset Taxation

Proskauer - Tax Talks on 8/30/2023

On July 11, 2023, the Senate Finance Committee released an open letter to the Digital Asset Community asking a variety of questions in connection with possible future legislation. Public comments must be emailed to the Senate...more

Recent Legislative Proposals and IRS Guidance on the Taxation of Digital Assets

Proskauer - Tax Talks on 5/2/2023

This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service with respect to the taxation of digital...more

Global Developments in the Taxation and Reporting of Digital Assets

Morrison & Foerster LLP on 10/6/2022

Just 10 years ago, only your millennial, techie cousin had ever heard of, let alone purchased, any cryptocurrency. Fast forward to 2021, and the volume of cryptocurrency transactions has grown to $15.8 trillion....more

Summary of the Biden Administration’s Fiscal Year 2023 Green Book Tax Proposals

Proskauer - Tax Talks on 7/21/2022

On March 28, 2022, the Biden Administration released the Fiscal Year 2023 Budget, and the “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals,” which is commonly referred to as the “Green Book.” ...more

La Venida De FATCA A Los Activos Digitales

Foodman CPAs & Advisors on 5/26/2022

La Propuesta de Ingresos del Año Fiscal 2023 de la Administración de Biden incluye “Reglas de Modernización” para abordar los activos digitales que requerirán informes por parte de ciertos contribuyentes de cuentas de activos...more

FATCA Coming To Digital Assets

Foodman CPAs & Advisors on 5/23/2022

The Biden’s Administration’s Fiscal Year 2023 Revenue Proposal includes “Modernize Rules” to address Digital Assets that will require reporting by certain Taxpayers of Foreign Digital Asset Accounts. ...more

The U.S.A Continues to be AML/BSA “Vulnerable”

Foodman CPAs & Advisors on 3/13/2020

The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/CFT threats. ...more

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on 1/8/2020

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

Proskauer - Tax Talks on 12/7/2017

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

2015 Estate and Tax Planning

Blank Rome LLP on 1/27/2015

Blank Rome’s annual estate planning newsletter discusses certain concepts and techniques that we hope may be of interest to our clients and friends....more

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Foreign Account Tax Compliance Act › Digital Assets

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