As the tax season winds to a close, tax practitioners and taxpayers can once again begin the process of looking ahead. However, this tax filing season has left several questions unanswered. In particular, the treatment of certain cryptocurrency transactions have left taxpayers searching for answers without a clear path forward. Generally, the basic tax treatment

On March 23, the President signed into law H.R. 1625. This legislation, also known as the “Consolidated Appropriations Act, 2018,” provides appropriations for the Federal Government through Sept. 30, 2018. However, H.R. 1625 also retroactively amends IRC § 831(b), by making changes to the diversification requirements imposed by the PATH Act of 2015. The Path

On March 19, the Serviced announced 2018’s “Dirty Dozen.” This list, compiled annually, warns taxpayers to stay alert and avoid items that the IRS refers to as “common scams.” Micro-captives, included in the Dirty Dozen under IR-2018-62, appear on this list for the fourth consecutive year. The 2018 Dirty Dozen also includes: frivolous tax arguments,

Beginning last year, the IRS has been looking at transactions involving cryptocurrency with an increased scrutiny. Taxpayers buying, selling, mining, or exchanging cryptocurrency should be aware of the interest the IRS has shown in the area, and the possible consequences for failing to report taxable gain stemming from its use. The IRS investigation into cryptocurrency

International tax reform has added a new corporate minimum tax on US companies operating abroad. Taxpayers making certain deductible payments to related foreign parties should be on the lookout for the new Base Erosion Anti-Abuse Tax (BEAT). The BEAT, designed to target businesses making “base erosion payments,” became effective Jan. 1, 2018 as part of

Taxpayers manufacturing or importing certain medical devices would have seen an uptick in their tax liability this year, but for legislation signed by the President on Jan. 22. In addition to ending the government shutdown (at least for a few weeks), the Federal Register Printing Savings Act of 2017 (H.R. 195) also extends the moratorium

Emergency Regulations regarding the Office of Tax Appeals (OTA) and the California Department of Tax and Fee Administration (CDTFA) have recently been issued by the state of California. Effective July 1, 2017, the OTA and CDTFA absorbed many, but not all, of the functions of the California State Board of Equalization (SBOE). The SBOE, established