One of the major ambiguities in virtual currency reporting in recent years has been the question of whether non-US exchanges should be considered “foreign financial accounts” for the purpose of reporting on FinCEN Form 114 (commonly known as the FBAR). Generally, a U.S. person who has a financial interest in, or signature or other authority…
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC…
At the end of 2020, Congress passed a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary and necessary expenses paid…
Think again. On December 11, 2020, the US Congress passed the Corporate Transparency Act by a veto-proof majority in both houses. The Act prohibits the formation of so-called “anonymous” companies by requiring corporations and limited liability companies to disclose their true owners (by name, date of birth, and identification number) to the Department of the…
The US Securities and Exchange Commission (SEC) recently announced changes to Regulation Crowdfunding (Reg CF) meant to increase the usefulness of crowdfunding as a fundraising medium for small businesses. The changes, expected to go into effect in early 2021, include: Increasing the maximum amount companies can raise from $1.07M to $5M (inflation adjusted). Amending the…
Edit 12/21/20- The relief bill passed by the Congress in late December 2020 explicitly allows expenses covered by PPP funds to be deductible in the year incurred, whether or not the associated loan is forgiven. The information provided below is no longer correct under current law. Section 1102 and 1106 of the Coronavirus Aid, Relief,…
The Treasury Inspector General for Tax Administration (TIGTA) found in a recent audit that it is difficult for the IRS to identify taxpayers with virtual currency activity due to a lack of third-party information reporting that specifically identifies virtual currency transactions. TIGTA recommended that the IRS continue efforts to close the virtual currency information gap…
It’s not a major disaster if you owed some money when you filed your return-after all, you’d rather have the use of the funds for as long as possible. What you want to avoid is having to pay the IRS a penalty for underpaying your taxes during the year. If you owe the estimated tax…
The SEC has announced a temporary modification to existing rules governing equity crowdfunding. The SEC’s release is reproduced here in its entirety. Please contact us with questions regarding compliance with Regulation CF. FOR IMMEDIATE RELEASE 2020-101 Washington D.C., May 4, 2020 — The Securities and Exchange Commission today announced that it is providing temporary, conditional…
The ongoing pandemic has created unprecedented conditions of financial and social strain. Chances are, if you haven’t become ill, or had at least one member of your household that has lost a job, that you know someone who has. We are here to help you with advice and guidance during this troubling time. Here is…
End of content
End of content