On January 17, 2024, Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Jason Smith (R-Mo.) released a bill, the “Tax Relief for American Families and Workers Act of 2024”...more
This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service with respect to the taxation of digital...more
5/2/2023
/ Biden Administration ,
Brokers ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
Excise Tax ,
FATCA ,
Green Book ,
Infrastructure Investment and Jobs Act (IIJA) ,
IRS ,
New Guidance ,
Non-Fungible Tokens (NFTs) ,
Proposed Legislation ,
Reporting Requirements ,
Stablecoins ,
Virtual Currency
IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more
3/4/2022
/ Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
IRS ,
Proposed Legislation ,
Regulatory Agenda ,
Reporting Requirements ,
Tax Liability ,
Tax Reform ,
Virtual Currency
In the universe of equity compensation, an "LTIP" is a commonly used term that invokes a "long term incentive program," which is any form of award of cash or shares paid or issued in order to attract, retain and incentivize...more
10/22/2020
/ Common Stock ,
Equity Compensation ,
Executive Compensation ,
Fair Market Value ,
Form S-8 ,
Limited Partnership Agreements ,
Partnership Interests ,
Private Equity ,
Real Estate Investments ,
REIT ,
Rule 144 ,
Securities Act of 1933 ,
Securities Exchange Act ,
Up-C Entity ,
UPREITS
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (H.R. 748). This blog post summarizes the tax provisions of the CARES Act.
Recovery Checks. The...more
Last night, March 25, 2020, the Senate passed the Coronavirus Act, Relief, and Economic Security Act (the “CARES Act”) (H.R. 748). The House is expected to consider the bill later this week. This blog post summarizes the tax...more
Today, March 23, 2020, for the second time the Senate defeated a procedural motion on a third stimulus bill, the Coronavirus Act, Relief, and Economic Security Act (“CARES Act”) (H.R. 748). The vote was 49 in favor and 46...more
In October of 2019, the U.S. Internal Revenue Service issued the first new guidance on the taxation of cryptocurrency transactions in over five years (the “Guidance”). The Guidance comprising a revenue ruling (Rev. Rul....more
12/12/2019
/ Blockchain ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
FBAR ,
Foreign Financial Accounts ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Revenue Rulings ,
Tax Cuts and Jobs Act ,
Virtual Currency
The first official guidance on the taxation of cryptocurrency transactions in more than five years has been issued.
The guidance includes both a Revenue Ruling (Rev. Rul. 2019-24, 2019-44 I.R.B. 1) and answers to...more
10/18/2019
/ Blockchain ,
Capital Gains ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
Ether ,
Ethereum ,
Fair Market Value ,
Income Taxes ,
IRS ,
New Guidance ,
Peer-to-Peer ,
Revenue Rulings ,
Transfer Taxes ,
Virtual Currency
On October 31, 2018, the U.S. Treasury Department and the Internal Revenue Service (the "IRS") proposed new regulations under Section 956 of the Code (the "Proposed Regulations") that are likely to enhance the availability of...more
11/19/2018
/ Borrowers ,
Controlled Foreign Corporations ,
Corporate Financing ,
Dividends ,
Domestic Corporations ,
Foreign Subsidiaries ,
Income Taxes ,
IRS ,
Proposed Regulation ,
Section 956 ,
Shareholders ,
Tax Deductions ,
Tax Exemptions ,
Tax Reform ,
U.S. Treasury
n October 31, 2018, the U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (the “IRS”) proposed new regulations (the “Proposed Regulations”) that are likely to allow many controlled foreign corporations...more
11/15/2018
/ Acquisitions ,
Borrowers ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Dividends ,
International Tax Issues ,
IRS ,
Partnerships ,
Proposed Regulation ,
Section 956 ,
U.S. Treasury
This post outlines at a high-level certain provisions under the recently enacted 2017 tax legislation (Pub. L. 115-97, the “Tax Act”) that may affect M&A Transactions. Some of these rules are very complex, particularly in...more
2/12/2018
/ Acquisitions ,
Base Erosion Tax ,
Controlled Foreign Corporations ,
Corporate Taxes ,
EBITDA ,
Foreign Corporations ,
Foreign Subsidiaries ,
GAAP ,
GILTI tax ,
International Tax Issues ,
Mergers ,
Net Operating Losses ,
Pass-Through Entities ,
Section 956 ,
Subpart F ,
Tax Cuts and Jobs Act ,
Tax Reform
In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more
2/9/2018
/ 1099s ,
Bitcoin ,
Blockchain ,
Capital Assets ,
Capital Gains ,
Compensation ,
Cryptocurrency ,
Employment Tax ,
Fair Market Value ,
FBAR ,
FICA Taxes ,
Financial Crimes ,
FinCEN ,
Income Taxes ,
Initial Coin Offering (ICOs) ,
IRS ,
Personal Property ,
Popular ,
Stocks
On Friday, December 15, the U.S. House of Representative and Senate conferees reached agreement on the Tax Cuts and Jobs Act (H.R. 1) (the “Final Bill”), and released legislative text, an explanation, and the Joint Committee...more
12/19/2017
/ 501(c)(3) ,
Affordable Care Act ,
Alternative Minimum Tax ,
Base Erosion Tax ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Deferred Compensation ,
EBITDA ,
Excise Tax ,
Income Taxes ,
Individual Mandate ,
International Tax Issues ,
Legislative Agendas ,
Pass-Through Entities ,
PFIC ,
REIT ,
Section 179 Property ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
UBIT
In the early hours of Saturday morning, the U.S. Senate passed the Tax Cuts and Jobs Act (H.R. 1) (the “Senate bill”), just over two weeks after the U.S. House of Representatives passed its own version of the same legislation...more
12/12/2017
/ 401k ,
501(c)(3) ,
501(c)(6) ,
Affordable Care Act ,
Alternative Minimum Tax ,
Base Erosion Tax ,
C-Corporation ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Deferred Compensation ,
EBITDA ,
Excise Tax ,
Income Taxes ,
Individual Mandate ,
International Tax Issues ,
Legislative Agendas ,
Pass-Through Entities ,
PFIC ,
Popular ,
Proposed Legislation ,
REIT ,
Section 1031 Exchange ,
Section 179 Property ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
UBIT
In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more
12/7/2017
/ 1099s ,
Bitcoin ,
Cryptocurrency ,
Digital Assets ,
FATCA ,
FBAR ,
FICA Taxes ,
FinCEN ,
Foreign Currency ,
Income Taxes ,
Initial Coin Offering (ICOs) ,
IRS ,
Popular ,
Reporting Requirements ,
Section 1031 Exchange ,
Virtual Currency ,
W-2
A U.S. federal district court judge on Tuesday, November 29 ordered Coinbase Inc., the largest cryptocurrency exchange and storage platform in the world, to provide information about certain of its account holders to the U.S....more
Yesterday afternoon, the House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) (the “House bill”). The House bill is identical to the draft bill approved by the House Ways and Means Committee on November 10. Late...more
11/20/2017
/ 401k ,
Adjusted Gross Income ,
Affordable Care Act ,
Alternative Minimum Tax ,
Charitable Deductions ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Deferred Compensation ,
EBITDA ,
Employee Benefits ,
Excise Tax ,
Foreign Earned Income ,
Foreign Subsidiaries ,
Independent Contractors ,
Individual Mandate ,
IRS ,
New Legislation ,
Pass-Through Entities ,
Personal Property Tax ,
PFIC ,
Popular ,
REIT ,
S-Corporation ,
Section 179 Property ,
Senate Finance Committee ,
Shared Responsibility Rule ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates
UPDATE: The Senate Finance Committee last night released a revised version of the Chairman’s Mark of the Tax Cuts and Jobs Act. We are reviewing these changes and will release an update soon...
On Thursday, November 9, the...more
11/15/2017
/ 401k ,
403(b) Plans ,
457(b) Plans ,
501(c)(6) ,
Alternative Minimum Tax ,
Capital Gains ,
CFC ,
Charitable Deductions ,
Child Tax Credit ,
Corporate Taxes ,
Cost Recovery ,
DBCF Tax ,
Deferred Compensation ,
Domestic International Sales Corporation ,
EBITDA ,
Employee Benefits ,
FDIC ,
Foreign Corporations ,
GAAP ,
Generation-Skipping Transfer ,
Highly Compensated Employees ,
Independent Contractors ,
Mortgage Interest ,
Partnerships ,
Pass-Through Entities ,
PFIC ,
Section 179 Property ,
Section 199 ,
Section 482 ,
Section 956 ,
Senate Finance Committee ,
Social Security Benefits ,
Sports ,
Tax Exempt Entities ,
Tax Exemptions ,
Tax Rates ,
Tax Reform ,
UBTI ,
Ways and Means Committee
House Republican Tax Bill Imposes Excise Tax on Wealthy Private Universities and Excess Compensation of Highly Paid Employees; Subjects State Pension Plans to UBTI Rules -
On Thursday, November 2, House Republicans led by...more
11/7/2017
/ 501(c)(3) ,
Adjusted Gross Income ,
Alternative Minimum Tax ,
Charitable Donations ,
Charitable Organizations ,
Covered Employees ,
Disqualified Persons ,
Educational Institutions ,
Establishment Clause ,
Form 990 ,
Grandfathered Status ,
Highly Compensated Employees ,
Income Taxes ,
IRS ,
Political Speech ,
Private Foundations ,
Proposed Legislation ,
Publicly-Traded Companies ,
Retirement Plan ,
Standard Deduction ,
State and Local Government ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Incentives ,
Tax-Exempt Bonds ,
Tuition ,
UBTI
On June 7, 2017, ministers and high-level officials of 68 jurisdictions convened to formally sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS),...more