Does the IRS send tax data abroad? The Maxcrest case clarifies that the IRS can share tax data internationally. This aligns with IRC provisions for issuing summonses for tax data exchange. Tax Law developments confirm IRS’s authority in cross-border tax information sharing and the requirements for ‘good faith’ in summonses.
Tax Law
Dive into the world of corporate elections with our latest blog! Discover the power of choice for LLCs in tax treatment, learn about changing elections, and explore real-world examples.
Discover the essentials of the Corporate Transparency Act: who must report, filing deadlines, and why it matters for a transparent corporate world. Don’t miss key info on compliance and penalties!
On Friday evening August 7, 2020, U.S. President Donald Trump signed a presidential memorandum on, “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster”. While the memo (some have erroneously titled this an executive order) claims to help employees by deferring payroll tax collection until 2021, it creates a massive tax risk for ... [Read more]
On March 27, 2020, Congress passed and the administration signed the third in a series of major Coronavirus relief bills called the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The purpose of the Bill is to stimulate the American economy during the Coronavirus pandemic. The CARES Act is arguably the largest change to ... [Read more]
On March 27, 2020, Congress passed and the administration signed the third in a series of major Coronavirus relief bills called the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The purpose of the Bill is to stimulate the American economy during the Coronavirus pandemic. The CARES Act is arguably the largest change to ... [Read more]
Although the IRS’s burden for initial investigatory information requests from taxpayers is “slight,” it can only investigate for legitimate purposes, must only seek information relevant to that purpose (which is initially narrow), can only ask for information it does not already have, and must follow statutory administrative procedures. These threshold matters narrowed what the IRS ... [Read more]
Taxpayers must know the various thresholds and incentive-related amounts as they plan their income and make investment decisions. This is why one must pay special attention to the IRS announcements of inflation adjustments for income and capital gains tax brackets in addition to new numbers for several other common tax deductions and credits. E.g. Rev. ... [Read more]
A German company used virtual currency to fund a Decentralized Autonomous Organization (DAO), which then exchanged its own tokens to provide ownership and control of the DAO. In a 2017 report of investigation, the SEC concluded that the Slock.it DAO tokens were securities irrespective of their form and that the platform on which they were ... [Read more]
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]