The Internal Revenue Service (IRS) intends to audit hundreds of high net worth individuals and their related entities starting this month. The campaign, announced at a conference by a top IRS division commissioner, will...more
7/15/2020
/ Audits ,
C-Corporation ,
Foreign Assets ,
Gifts ,
High Net-Worth ,
IRS ,
Partnerships ,
Private Foundations ,
S-Corporation ,
Trusts ,
U.S. Treasury ,
Wealth Tax
Certification That Funds Are “Necessary” -
Following recent press and new guidance from the Small Business Administration (SBA), many nonprofit organizations are carefully considering whether borrowing funds under the...more
The recently-enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act expands nonprofits’ access to critical federal loan and grant programs as part of its approximately $2 trillion aid package addressing the...more
Taxpayers should take prompt action to assess their situation, yet move carefully before making representations or filings to the IRS.
Over the past month, the Internal Revenue Service (IRS) has sent letters to over ten...more
8/21/2019
/ Amended Tax Returns ,
Bitcoin ,
Cryptocurrency ,
Failure to Report ,
Financial Transactions ,
Income Taxes ,
IRS ,
Reporting Requirements ,
Tax Audits ,
Tax Liability ,
Tax Returns ,
Virtual Currency ,
Warning Letters
Cryptocurrency owners must face death—be it their own, or that of anyone else with custody of the owner’s cryptocurrency or other digital assets. We received a stark reminder of this when the Canadian exchange QuadrigaCX...more
3/7/2019
/ Canada ,
Computer Fraud and Abuse Act (CFAA) ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Estate Planning ,
Fiduciary Duty ,
Foreign Exchanges ,
Reporting Requirements ,
Third-Party Service Provider ,
Transfer on Death Deed (TOD)
The primary professional organization for accounting professionals (AICPA) recently renewed their requests to the Internal Revenue Service for U.S. virtual currency guidance on key tax issues. The IRS has not shown any...more