News & Events
Category: News - Page 5
IRS: Certain Cryptocurrency Transactions Do Not Qualify as Like-Kind Exchanges
News, Offshore Account UpdatePosted in on June 30, 2021
Treasury Department Proposal Would Require Reporting of All $10,000 Cryptocurrency Transactions
News, Offshore Account UpdatePosted in on May 28, 2021
The U.S. Is Seeking to Raise an Additional $700 Billion Through IRS Audits
News, Offshore Account UpdatePosted in on May 14, 2021
With Republicans and Democrats in a stalemate regarding potential income tax increases, the Biden administration has put forth a different proposal: Rather than asking law-abiding taxpayers to pay more, the IRS should do more to make non-law-abiding taxpayers pay what they owe. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this could lead to a significant increase in the number of IRS audits over the next 10 years.
Read MoreWhat You Need to Know if the IRS Scrutinizes Your Cryptocurrency History
News, Offshore Account UpdatePosted in on March 31, 2021
If you invest in cryptocurrency, you could face scrutiny from the IRS in 2021. The IRS has made clear that it is paying attention to cryptocurrency investors, and that it will be vigorously enforcing investors’ reporting and payment obligations in the year to come.
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