Overview -
Over the past year, several tax law changes have been proposed by the Biden administration and, in September 2021, draft legislative language was circulated, which set forth proposed changes to the Internal...more
12/1/2021
/ Biden Administration ,
Capital Gains Tax ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
Foreign Tax Credits ,
GILTI tax ,
High Net-Worth ,
Income Taxes ,
Net Investment Income ,
Pending Legislation ,
SALT ,
Share Buybacks ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Wash Sale Rules
In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. On May 28, 2021, the United State Department of Treasury issued a report entitled “General Explanation of...more
9/22/2021
/ Biden Administration ,
C-Corporation ,
Capital Gains Tax ,
Carried Interest Tax Rates ,
Corporate Taxes ,
High Net-Worth ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Like Kind Exchanges ,
Proposed Legislation ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Ways and Means Committee
In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. Among the proposed changes included in the “American Families Plan” was the increase of the tax rate that...more
6/8/2021
/ Biden Administration ,
C-Corporation ,
Capital Gains Tax ,
Estate Planning ,
Internal Revenue Code (IRC) ,
IRS ,
Legislative Agendas ,
Like Kind Exchanges ,
Real Estate Transactions ,
Section 1031 Exchange ,
Tax Deferral ,
Tax Planning ,
Tax Rates ,
Tax Reform
As discussed in previous blog entries , the IRS has been engaged in an ongoing campaign intended to address noncompliance related to the use of crypto currencies, including a virtual currency compliance campaign spearheaded...more
Five years or so years ago, the Internal Revenue Service (“IRS”) provided its first, and until this week, only formal advice on the taxation of cryptocurrency transactions in Notice 2014-21. This guidance, while helpful in...more
10/22/2019
/ Bitcoin ,
Blockchain ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Transactions ,
Future Tax Treatment ,
Guidance Update ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
On July 26, 2019, the IRS announced that it was in the process of sending letters to over 10,000 taxpayers with a history of cryptocurrency transactions by the end of August, noting that the letters were sent to taxpayers...more
8/24/2019
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Investment ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns
Despite the growth of crypto-currencies in number and use, relatively little guidance has been provided by the Internal Revenue Service (IRS) to date related to the federal income taxation of such crypto transactions. ...more