IRS Quashes OSHA Guidance Tactic for ERC Eligibility
Taxpayers cannot rely on communications from the Occupational Safety and Health Administration (OSHA) during the COVID-19 pandemic to meet the …
Form 1099-K Reporting Threshold Change Delayed; Phase-In to Start 2024
After facing pushback from the tax community and third-party payment facilitators, the Form 1099-K reporting threshold will remain unchanged for …
House Financial Services Chair Urges IRS to Revised Proposed Digital Asset Reporting Regs
In a letter to Assistant Treasury Secretary Lily Batchelder, the Chair of the House Financial Services Committee and a bipartisan group …
Crypto Tax Pros Debrief IRS Digital Asset Reg Hearing
Following a public rulemaking hearing on proposed regs implementing digital asset broker provisions of the Infrastructure Investment & Jobs Act, TaxBit’s Vice President of …
Proposed Crypto Regs Go Too Far, Industry Reps Tell IRS
At a public rulemaking hearing, the IRS heard reoccurring themes in testimony from tax practitioners and stakeholders from the digital …
Chief Counsel Discusses Trust Structure Marketed as a Tax Shelter
In a Generic Legal Advice Memo (GLAM), Chief Counsel discusses a nongrantor trust structure marketed as a tax shelter. Chief Counsel concluded …
Real Estate Tax Experts Talk FIRPTA Withholding Challenges
At a tax conference panel on tax strategies for foreign investments in US real estate, a pair of practitioners shared …
House Democrat Floats China Risk Reporting, Crypto Tax Reforms
Representative Brad Sherman (D-CA) on November 9, 2023, rolled out draft legislation that would expand risk disclosures related to public …
Foreign Currency Prop Regs Issued
The IRS has issued proposed regs relating to the determination of taxable income or loss and foreign currency gain or …
Tax Court: Overall Foreign Loss Recaptured, Remaining Gain Not Exempt or Recharacterized
The Tax Court determined that a US company’s gain from the sale of its foreign subsidiary was not recharacterized as …