On 8/29/23, the IRS issued a Notice of Proposed Rulemaking and Notice of Public Hearing for Digital Assets Proposed Regulations. The IRS Digital Assets Proposed Regulations address information reporting, the determination of amount realized and basis, and backup withholding, for certain digital asset...
Effective January 1, 2025, the proposed regulations aim to align digital asset tax reporting with traditional financial instruments.
Criminal Investigations seized “four former barber shops and a barber college.” Typically, claimed assets of this type are auctioned off, with the profits reinvested into the IRS and other law enforcement
Digital assets, such as NFTs and cryptocurrencies, are currently generally classified as “property.” Therefore, under current law, gains from the sale or exchange of NFTs are taxed based on how long such NFT was held by the owner. For instance, if the owner sells an NFT he or she has ...
This is where you will provide details about your and your family’s income and assets. 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 ...
Some of the applications being catered through Bhuvan Portal include watershed monitoring and evaluation, National Highway Authority of India Toll Information System, detailed infrastructure planning for around 500 cities, virtual 3D city models, assets mapping, Islands Information System, inventory, ...
Digital Assets and Offshore Account FBAR Issues for Investors The increasing public acceptance of bitcoin, other cryptocurren-cies, and virtual assets has presented challenges to the IRS with regard to how they should be reported for tax and Bank Secrecy Act purposes. With the IRS expressing conce...
In today’s digital age, electronic filing options have become increasingly popular for individuals and businesses when it comes to filing their taxes. Electronic filing, or e-filing, offers several advantages including convenience, speed, and increased accuracy. Let’s explore some of the electronic...
Concealing assets in offshore accounts; improper reporting of digital assets High-income individuals not filing tax returns Abusive syndicated conversation easements Abusive micro-captive insurance arrangements. What Types of Scams Are Going Around?
Capital gains are taxed on profits from selling assets like stocks or real estate, with rates depending on the holding period. Short-term gains are taxed at ordinary rates, while long-term gains enjoy lower rates. Read more about how to report capital gains on eFile.com. Business Income or...