The Commodity Futures Trading Commission (CFTC) has determined that virtual currency futures and options meet the definition of a “commodity” within the agency’s regulatory purview. Although transactions in virtual currency commodities must be conducted in compliance with provisions of the Commodity Exchange Act (CEA) and CFTC Regulations, it may be possible to conduct these transactions ... [Read more]

A wash trade is an illegal, fake transaction on a swap execution facility (SEF). These trades are prohibited because they can be used to distort the economics of a legitimate SEF. Yet very similar, legal activity can be helpful for testing a newly-created software for virtual currency trading platform. TeraExchange, LLC was prosecuted by the ... [Read more]

April 17, 2018 was #taxday all across the U.S. Now, that day is one day later due to IRS computer systems crashing. Federal taxes, paid through the Internal Revenue Service (IRS) and many state and local taxes were due by the end of the day on the 17th. The IRS, by far the biggest tax ... [Read more]

♥ Happy 2018 International Women’s Day! ♥ Always shine. This world is a better place because you are in it. With best wishes, The ALFI Team

One interesting procedural question that arises in multijurisdictional tax cases is whether filing a return in one jurisdiction satisfies the requirement to file a return in another jurisdiction. In a recent U.S. Tax Court case, Coffey v CIR, 150 T.C. No.4 (2018), the Court held that filing by a bona fide resident of the U.S. ... [Read more]