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Bipartisan Legislation Would Simplify Use of Digital Assets for Everyday Purposes

Consumers might be more likely to use cryptocurrencies for everyday retail purchases if legislation introduced by U.S. Senators Pat Toomey (R-Pa.) and Kyrsten Sinema (D-Ariz.) is enacted. Titled the Virtual Currency Tax...more

IRS Extends Tax Payment and Filing Deadline Due to COVID-19

As part of its overall response to COVID-19, the IRS announced that the due date for both filing federal income tax returns and making federal income tax payments is extended from April 15, 2020 to July 15, 2020....more

Sweeping Changes to Partnership Audit Rules Warrant Changes to Existing Partnership and LLC Agreements

Sweeping changes to the rules governing federal income tax audits of partnerships went into effect this year. The new partnership audit rules (the “New Audit Rules”) apply for partnership tax returns for taxable years...more

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