Bitcoin is a private currency that is not under the control of a central bank. For these reasons, Bitcoin is attractive to many investors. For these same reasons, Bitcoin transactions are viewed suspiciously by the IRS and taxing authorities. The use of Bitcoin and...
Tax Collection
Thinking about expatriation? Beware the Exit Tax.
The IRS's continued focus on offshore assets has led some American citizens and green card holders to at least consider the possibility of expatriation. Considering the gravity of this decision, citizens and permanent residents must account for many factors. One such...
IRS Fast Track Settlement for Small Businesses
In March, the IRS officially rolled out a Fast Track Settlement program (FTS) for small businesses and self-employed individual taxpayers. The FTS for small businesses is in effect for businesses that file Form 1040, Schedules C, E, F or Form 2106. Moreover, it...
Unpaid Tax Debts Could Put Your Passport in Jeopardy
The IRS has many tools at its disposal to enforce the collection of unpaid tax debts, among them liens, levies, and even asset seizure. Beginning in late March, the IRS, in conjunction with the State Department, will have yet other weapon in its arsenal. Very shortly,...
The Many Ways Same-Sex Couples Can Benefit From a Tax Lawyer’s Counsel
The universal right of same-sex couples to marry their partners has been the law of the land since June 26, 2015. Even before the Supreme Court ruled in favor of marriage equality, hundreds of thousands of same-sex couples were legally married in many states. In the...
The IRS Wants to Take a Bite Out of Bitcoin
Increasing numbers of businesses and individuals across the world are using Bitcoin, a form of digital currency. Coindesk, a company that analyzes digital and virtual currency, states that on average, there are more than 200,000 Bitcoin transactions each day in 2016....
Tax Filings for Married Same-Sex Couples: Joint or Separate?
For more than a year now, marriage equality has been the law of the land. While some states had recognized same-sex marriages, the 2015 Supreme Court case of Obergefell v. Hodges struck down the federal Defense of Marriage Act (DOMA) and recognized same-sex marriage...
Major Changes to Partnership Tax Audit Rules Are On the Way
Currently, partnerships are considered pass-through entities for taxation purposes. As a result, when a partnership is audited, the partners themselves are responsible for any unpaid tax liabilities, penalties and interest. However, with the rise of multi-tiered...
The (private) tax collectors cometh
The IRS recently announced it will begin using private debt collectors to collect certain types of tax debts. The IRS has contracted with four private collection agencies that will focus their efforts on the following types of tax debts: Older tax debts on which more...
A major player in the marijuana business challenges federal tax rates
Half of all states and the District of Columbia have legalized the use or sale of marijuana, either for medicinal purposes or in some cases recreational and medicinal purposes. Despite these changes to state laws, marijuana is still classified as a Schedule I drug...