Another big question is whether an entityin a position to knowthat provides afacilitative servicewould need to also do sofor a consideration, which is a contingent clause in the currently statutory language (and which is not modified by the new language). The proposed rules appear to be inconc...
Technically, money laundering is a form oftax evasion. However, this crime prioritizes obscuring the source of the money in question rather than attempting to avoid paying taxes on it. Due to these similarities, it should come as little surprise that the IRS is highly competent at investigating...
Now the question is how to implement that and were to get the technology. BTW one thing that makes this a little easier is if the individual has a Real-ID since that can be used to “real-world existence”. So, some of the hard work was done over the last 15 years by the st...
The Internal Revenue Service (IRS) posted its finalized Form 1040, featuring some minor revisions to its crypto question. The IRSincludeda question on cryptocurrency at the top of the 1040 form last year: "At any time during 2020, did you receive, sell, or otherwise acquire any financial ...
The IRS instructs users to “not leave [each] question unanswered” and to check yes or no for each question. If digital assets must be reported, taxpayers can report those assets as capital gains and losses or as regular income.
Step 3: Indicate Tax Filing Status:Within the “Financial Information” section, you will come across a question regarding your tax filing status. Choose the appropriate response based on whether you have already filed your tax return or if you plan to file. ...
Perhaps the question that is most top of mind for clients has to do with the funds aimed at tax enforcement activities which make up more than half of the total IRS appropriations. According to the CRS, these funds will cover hiring more enforcement agents, litigation and criminal investigation...
Document Relevant Circumstances:If there were extenuating circumstances that affected your tax situation, make sure to document these as well. For example, if you experienced a medical emergency or faced a natural disaster during the tax year in question, gather evidence such as medical bills, insur...
WHY IS THIS HAPPENING:The big question hanging over the IRS’ message: Exactly which companies are the target for this statement? It’s not as if companies should expect to get retroactive tax relief after marijuana is rescheduled, as industry insiders told Morning Tax. Instead, their ability ...
A recent report from WSJ explored the question and by the looks of it, it’s still a draw. Bitcoin and Bitcoin Cash Bitcoin is a cryptocurrency or what people describe as digital cash. It is a centralized ledger and is accessible by all parties involved from any parts of the world. The...