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IRS Characterizes Monetized Installment Sales as Listed Transaction in Proposed Regulations

Monetized installment sale transactions (“MISTs”) have been on the IRS’s radar for some time.  On May 7, 2021, IRS Chief Counsel issued an advice memorandum, contending such transactions were “problematic” and “flawed”. And...more

The IRS is Hunting for Cryptocurrency Investors with John Doe Summonses

The IRS has several tools in its arsenal to encourage compliance and audit and enforce those it believes are failing to comply.  One of the most powerful tools is the John Doe summons. A regular IRS summons seeks information...more

Taxation of Digital Collectibles: Sports, CryptoPunks and CryptoKitties, Oh My!

What do professional athletes, punk artwork and digital kittens have in common?  They are all part of the expansion of valuable collectible assets using cryptocurrency and blockchain technology.  You can collect digital items...more

IRS Issues New Rules for Gain Deferral in Business Exchanges of Real Property

Even if you are not a tax professional, many people have heard of a 1031 exchange or like-kind exchange. This tax deferral provision has been a permanent part of the Internal Revenue Code for a long time. Usually, if a...more

Taxpayer Guidelines for Cryptocurrency in 2021

Cryptocurrency is more accessible than ever before. Banks are continuing to both implement procedures for and, in some cases, develop their own cryptocurrencies. Paypal allows users in the U.S. to buy, sell and hold select...more

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