Virtual currency, such as Bitcoin, continues to be a topic of interest for the IRS. Indeed, for the 2019 tax year, the IRS added for the first time a unique question to Schedule 1, Additional Income and Adjustments to...more
11/18/2020
/ Bitcoin ,
Criminal Prosecution ,
Cryptocurrency ,
Failure To Disclose ,
False Statements ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Evasion ,
Tax Returns ,
Virtual Currency
Jason B. Freeman and Matthew L. Roberts of Freeman Law, PLLC discuss the recent Second Circuit decision in Trump v. Vance. The case involves the ongoing battle between President Trump and the Manhattan District Attorney's...more
Employees are required to withhold federal income and social security taxes from the wages of their employees. If an employer fails to do so, the government will often assert the trust fund recovery penalty (“TFRP”) against...more
I have previously written on the Bittner (E.D. Tex.) case in a prior Insight. Briefly summarized, the taxpayer, Mr. Bittner, was a dual citizen of both Romania and the United States. However, in 1990, he moved back to...more
10/10/2020
/ Appeals ,
Business Taxes ,
Calculation of Penalties ,
Civil Monetary Penalty ,
Congressional Intent ,
Cross Motions ,
Dual Citizenship ,
Failure-to-File ,
FBAR ,
Foreign Bank Accounts ,
Genuine Issue of Material Fact ,
Income Taxes ,
IRS ,
Reasonable Cause Defense ,
Reporting Requirements ,
Romania ,
Rule of Lenity ,
Summary Judgment ,
United States
The law has always favored the term “reasonable.” For example, the law affords protection against a negligence lawsuit if a person can demonstrate he or she acted as a reasonable person would have under similar...more
10/2/2020
/ Appeals ,
Business Expenses ,
C-Corporation ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Reasonable Cause Defense ,
Reasonable Compensation ,
Tax Allowances ,
Tax Court ,
Tax Penalties