IRS Proposes Rules for Donee Charitable Donation ReportingAmy Zelcer
The IRS issued new regulations requiring DeFi platforms to report crypto transactions. In response, the Blockchain Association filed a lawsuit against the IRS, arguing that the rules are unconstitutional. The United States Internal Revenue Service (IRS) issued regulations requiring brokers to report ...
Reporting Requirements over $10,000 Taxpayers should report cash payments in excess of $10,000 on Form 8300 and submit the form to the IRS within 15 days of receiving the payment. You'll need to identify who you received the cash from and the method of payment, and provide a description ...
…a new report from the Cause of Action Institute reveals that the IRS has been evading numerous oversight mechanisms, and it refuses to comply with laws requiring it to measure the economic impact of its rules. Congress has passed several laws, including the Regulatory Flexibility Act and the ...
Fortunately, complying with IRS rules for your new business isn’t too complicated once you understand the basics. Here’s what you need to know as an Etsy seller. At a glance: Etsy tracks and reports your sales through Form 1099-K. You’ll receive this form if you have over $5,000 ...
Blockchain Association sues IRS over digital asset reporting rules: Law Decoded Dec 30, 2024 byEzra Reguerra The IRS issued new regulations requiring DeFi platforms to report crypto transactions. In response, the Blockchain Association filed a lawsuit against the IRS, arguing that the rules are un...
IRS publications are helpful guides the IRS provides to educate taxpayers. There are IRS publications covering nearly every topic, from reporting tip income to filing taxes as a business owner and how extensions work. Looking for answers on key tax topics? Find the IRS publication you need from...
Supreme Court Rules Tax Penalty Does Not Bar Pre-Enforcement Regulatory Challenge May 18, 2021Alert On May 17, 2021, the U.S. Supreme Courtunanimously reversedthe Sixth Circuit and permitted a company's challenge to an IRS reporting requirement to proceed, notwithstanding the Anti...
The Biden Administration Proposes New Cryptocurrency Reporting Rules On May 20, 2021, the Treasury Department released areportthat proposes new reporting requirements for transactions, including cryptocurrency transactions. Under the proposed plan, financial institutions, payment settlement entities, and digit...
Red flags 1. Not reporting all of your income 2. Breaking the rules on foreign accounts Click to expand Key Takeaways The IRS uses a combination of automated and human processes to select which tax returns to audit. Not reporting all of your income is an easy-to-avoid red ...