By Eli Noff, Partner & Mary Lundstedt, Esq. On May 16, 2018, in United States v. Colliot,[1] the District Court for the Western District of Texas held that the Internal Revenue Service (IRS) is precluded from assessing a willful Report of Foreign Bank and Financial Accounts (FBAR) penalty exceeding the $100,000 [...]
By Mary Lundstedt , Esq. In November of 2017, Coinbase, Inc. ("Coinbase"), a company that facilitates digital currency transactions, was ordered to comply with an IRS summons demanding specific Coinbase client identifying information and transaction data for Coinbase accounts "with at least the equivalent of $20,000 in any one transactions type" [...]
By Mary Lundstedt, Esq. On April 5, 2018, the Chief Counsel's Office provided advice in Notice CC-2018-005 to Chief Counsel attorneys who handle I.R.C. §7345 passport actions. The Chief Counsel's Office detailed both the certification and reversal processes for "seriously delinquent taxpayers," as well as the procedures for the judicial [...]
By Mary Lundstedt, Esq. On May 10, 2018, the United States Attorney for the District of Maryland announced that new Baltimore Police Commissioner Daryl De Sousa has been charged with three misdemeanor counts of willful failure to file a U.S. individual income tax return. Specifically, the charges allege that Commissioner De [...]
How Florida Sales Tax Works Most states impose a sales tax where goods or services are sold. The seller of the goods collects the tax and reports those taxes to the state. The sales tax is typically a percentage of the purchase price. In Florida, the general state tax [...]
Crypto Traders Beware Cryptocurrencies are relatively new in our universe, but they are widely believed to be the currency of the future. Like the currencies we use today, cryptocurrencies are used to purchase goods and services. However, they are still very much unregulated and many investors simply trade them [...]
What Happens if I Don't File My Taxes on Time? There can be dire consequences for failing to file your taxes on time. There may be any number of reasons you were unable to meet the tax deadline, right from simple procrastination, not having enough money to pay your [...]
By Leanne Broyles, Esq. What if you could take a portion of your hard-earned wealth, lock it up from your creditors, but keep the key for yourself? It sounds too good to be true, but the Domestic Asset Protection Trust provides a very real and very valuable estate planning tool for [...]
On March 23, 2018, the IRS issued IR-2018-71, reminding taxpayers that they must report income from virtual currency transactions on their income tax returns. The IRS defined virtual currency as "a digital representation of value that functions in the same manner as a country's traditional currency." The IRS emphasized that, as with any other property transactions, virtual currency transactions are taxable.
By Mary Lundstedt, Esq. Cryptocurrency start-up firms sometimes attempt to raise funding for an original cryptocurrency venture through Initial Coin Offerings (ICOs). Typically, the firm presents a whitepaper plan detailing the: (1) project requiring funding, (2) amount of funding needed, (3) amount of cryptocurrency that investors will retain, (4) specific currency [...]
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