News & Analysis as of

Tax Evasion 1099s

Foley & Lardner LLP

Biden Administration Proposes Financial Surveillance Regime Likely to Catch Tax-Dodging Small Business Owners

Foley & Lardner LLP on

Under present law, most Americans’ taxable income is reported by both the payor and the payee. Wage income is reported by the employer on a form W-2 and by the employee on an annual tax return. Independent contractor income...more

Proskauer - Blockchain and the Law

When Filing Taxes, Don’t Forget Virtual Currency Income

In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more

Burr & Forman

Unfiled Tax Returns: What Do You Do? (Part 2)

Burr & Forman on

The United States has a voluntary income tax reporting system. U.S. citizens, permanent residents, and businesses here must annually file income tax returns with the IRS, reporting their “worldwide income”, deductions, and...more

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