The Taxation and Accounting Challenges of Cryptocurrency
“Cryptocurrency” — the very name sounds mysterious. When it comes to cryptocurrencies such as Bitcoin and Ether and their taxation, that sense of ambiguity remains, even for tax professionals. However, with the rise in use of these currencies, it is important to understand the U.S. tax treatment of such for planning and compliance purposes. This article explains how cryptocurrencies are viewed in the eyes of the IRS.
Please join MBAF and FMA for an informative webinar on the new FASB updates on non-profit reporting, its key provisions, and what these changes will mean for your non-profit. In this presentation, we’ll share the implications of the new standards, the impact on non-profits, and discuss how organizations can tell their story through their financial statements while staying transparent.
Banking Agencies Issue Final Rules on Commercial Real Estate Appraisal Threshold
The three major banking regulatory agencies — The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency — announced the issuance of a final rule that will increase the threshold for commercial real estate transactions requiring an appraisal from $250,000 to $500,000. Why the need for a new threshold amount?
The End of the Offshore Voluntary Disclosure Program (OVDP)
Since its inception in 2009, the Internal Revenue Service (IRS) Offshore Voluntary Disclosure Program (OVDP) has been available to provide taxpayers with undisclosed foreign financial assets and income in “offshore accounts,” and all required file foreign information returns, an opportunity to square those accounts with IRS before facing serious consequences. Despite the success of the OVDP, the IRS announced that it would be shutting down the program on Sept. 28, 2018.
Non-U.S. citizens in the United States face some estate planning challenges when it comes to taxes. If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen, with a few exceptions. But if you’re a nonre ...
The passage of the Tax Cuts and Jobs Act, (The Act), has had varying impacts on different segments of the taxpaying public. Not only do the new laws created by The Act affect individuals and businesses differently, there are new rules which specifica ...
When couples divorce, financial negotiations often involve alimony. The tax rules regarding alimony were dramatically changed by the Tax Cuts and Jobs Act (TCJA) of 2017, but existing agreements have been grandfathered. In addition, the old rules rem ...