News & Events

Category: Hot Topics - Page 3

IRS Establishes Safe Harbor for PPP Non-Compliance

Hot Topics, Offshore Account Update

Posted in on April 30, 2021

The Internal Revenue Service (IRS) recently announced a safe harbor for small businesses that received Paycheck Protection Program (PPP) loans in 2020. As Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the safe harbor applies specifically to small businesses that failed to deduct certain expenses based on IRS guidance issued prior to December 2020.Read More

IRS: Bitcoin and Cryptocurrency Investors Will Be Facing Scrutiny in 2021

Hot Topics, News, Offshore Account Update

Posted in on February 12, 2021

The IRS began a heavy push to target Bitcoin and other cryptocurrency investors in 2019, and it has recently made clear that it will be continuing this push in 2021. After sending several rounds of “warning letters” to cryptocurrency investors over the past two years, the IRS will be shifting its focus to enforcement going forward.

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Have You Received a Form 1099-K from Your Cryptocurrency Exchange?

Hot Topics, News

Posted in on November 30, 2020

If you trade or invest in cryptocurrency, you are obligated to report all income from your trades and sales to the Internal Revenue Service (IRS). But, you are not the only one with this obligation. Your cryptocurrency exchange has an obligation to report this information to the IRS as well—and the IRS can use your exchange’s filings to determine whether you have accurately reported and paid what you owe.Read More

IRS Office of Fraud Enforcement to Open During COVID-19 Pandemic

Hot Topics

Posted in on August 31, 2020

Earlier this year, we discussed the Internal Revenue Service’s (IRS) plans to create a new Fraud Enforcement Office. The IRS announced the initiative on March 5, just as the effects of the COVID-19 pandemic were beginning to be felt across much of the United States.

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What Do Cryptocurrency Investors Need to Report on Their Federal Tax Returns?

Hot Topics, News

Posted in on May 5, 2020

As 2020’s revised Tax Day inches closer, many individuals and businesses are beginning the process of gathering the information needed in order to prepare their returns. For many, this includes information about their cryptocurrency investments. After issuing updated guidance (and warning letters) last year, the Internal Revenue Service (IRS) is preparing to hold taxpayers accountable if they fail to properly report cryptocurrency transactions on their July 15, 2020 returns.

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