IRS rules on cancellation of debt of a disregarded entity
On Dec. 11, 2020, the IRS released Letter Ruling 202050014, in which it ruled that a series of proposed transactions...
Individual taxpayers must answer cryptoasset question, IRS notes
Apr 6, 2022
The IRS highlighted in a news release that all filers of Forms 1040, U.S. Individual Income Tax Return, 1040-SR, U.S. Tax Return for Seniors,...
Biden proposes higher corporate tax rate, 20% billionaire minimum tax
Apr 4, 2022
President Joe Biden’s administration released its $6 trillion budget Monday for the federal government’s 2023 fiscal year, which begins October 2022. Also...
Current developments in partners and partnerships
Apr 1, 2022
EXECUTIVE SUMMARY Several bills in Congress as of this writing would affect partners and partnerships. Sen. Ron Wyden, D-Ore., the...
Decrypting Tax Season: How to Understand Cryptocurrency Taxation
Mar 30, 2022
Reporting cryptocurrency transactions to the IRS can be a complicated process, and while the IRS has put together a helpful...
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