Several federal and state agencies have taken the initiative to regulate cryptocurrencies because Congress has not created (and the courts have not interpreted) a system for doing so. Until Congress does so, prudent investors must plan to file with and survive scrutiny from a number of federal agencies, private exchanges themselves, and possibly also the ... [Read more]

To all of our Clients, Colleagues, and Associates We are so grateful for you this Thanksgiving! May you have a wonderful Holiday! Our best wishes, The ALFI Team

Taxpayers who are not eligible for Social Security Numbers (SSNs) need to apply for and receive an ITIN to pay their income taxes and to avoid: (1) delays receiving tax refunds; (2) interest and penalties on underpayments of tax, and (3) unnecessary backup withholding on non-employee income (reported on one of the various form 1099s). ... [Read more]

Capital investments in a business generally must be deducted piecemeal over many years rather than immediately deducted against business income the year they were made.  With proper planning and filing, the length of time over which expensive new property must be depreciated can be reduced or eliminated.  Accelerated depreciation, and sometimes 100% bonus depreciation under ... [Read more]

U.S. taxpayers who work and pay income taxes abroad often receive credits on U.S. taxes for amounts paid to the foreign tax authority. When the foreign jurisdiction refunds some of that money, the taxpayer must report the refund and pay taxes on it to the U.S. Although there may be some doubt about ultimately keeping ... [Read more]