News & Analysis as of September 20, 2024

Financial Planning

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

It’s So Hard to Say Goodbye to USA: Expatriation and the IRS

Gray Reed on 10/23/2023

Ever thought about packing it all up and starting that romantic, expatriate life abroad? Ever felt like these parts were just so wild, it was time to find yourself a new passport? Expatriation, where a US citizen renounces...more

IRS Criminal Investigation Division Is on the Hunt for Malta Pension Plan Participants and Promoters

McDermott Will & Emery on 7/25/2023

There has been a growing trend of US taxpayers contributing non-cash assets, such as appreciated property, securities and cryptocurrency, into Maltese pension plans since the US-Malta Tax Treaty went into effect in 2011....more

Through the Looking Glass: Will a Look-Through Rule for Taxing NFTs Clarify or Further Distort?

Cadwalader, Wickersham & Taft LLP on 4/26/2023

In a recent article, we observed that the Treasury and the Internal Revenue Service (“IRS”) could address the complex tax issues presented by emerging digital assets either by developing a cohesive framework for taxing these...more

Tax Return Reporting of Cryptocurrency

ASKramer Law on 3/21/2023

You need to consider how you’ll report digital asset transactions on your 2022 tax returns. Tax reporting requirements for digital assets have changed yearly since 2019, when the IRS first added a question about crypto to IRS...more

The IRS expands crypto guidance to include “NFTs” and other “Digital Assets,” ahead of the 2022 filing season

Polsinelli on 11/1/2022

The Internal Revenue Service (IRS) was one of the first United States regulators to provide guidance on the tax treatment of virtual currencies such as Bitcoin. Starting back in 2014 with its release of Internal Revenue...more

States Turning Eyes to Taxation of Cryptocurrency and Non-Fungible Tokens (NFTs)

Cadwalader, Wickersham & Taft LLP on 7/21/2022

As the IRS ponders its approach to taxing cryptocurrency and NFTs, states are increasingly imposing taxes on some digital asset transactions, including the use of cryptocurrencies...more

IRS Targets Participants in Malta Pension Plan Transactions

Freeman Law on 1/13/2022

This morning, I woke up to news in the Wall Street Journal that indicated that the United States and the Republic of Malta had entered into a Competent Authority Agreement (“CAA”). Generally, this news would not have caught...more

Extra Time Provided For Filing 2020 Taxes May Offer Financial Planning Opportunity

Foodman CPAs & Advisors on 4/22/2021

The federal income tax filing due date for individuals for the 2020 tax year has been extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year...more

THE WONDER YEARS WEBINAR

Gerald Nowotny - Law Office of Gerald R.... on 10/7/2020

Loan Regime Method of Split Dollar Life Insurance - This webinar covers: What is Split Dollar? Loan Method versus Economic Benefit. Leverage Split Dollar Rollout. Planning examples using Split Dollar....more

5 Common Tax Misconceptions Facing U.S. Persons Living Outside the U.S.

Butler Snow LLP on 7/6/2018

Living abroad can be a wonderful opportunity for many U.S. Persons, but a few commonly misunderstood aspects of the U.S. tax system directly impact such “expats,” often to their financial detriment. Here are the five most...more

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