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June 2018

District Court Maintains $100,000 Regulatory Cap For Willful FBAR Violations

2018-12-06T08:07:29+00:00

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 [...]

District Court Maintains $100,000 Regulatory Cap For Willful FBAR Violations2018-12-06T08:07:29+00:00

The IRS is Receiving Thousands of Coinbase Users’ Information

2018-12-08T22:23:57+00:00

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" [...]

The IRS is Receiving Thousands of Coinbase Users’ Information2018-12-08T22:23:57+00:00

May 2018

Notice CC-2018-005: How Chief Counsel Attorneys Handle Passport Actions

2018-12-08T22:23:31+00:00

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 [...]

Notice CC-2018-005: How Chief Counsel Attorneys Handle Passport Actions2018-12-08T22:23:31+00:00

Baltimore Police Commissioner De Sousa Charged With Tax Crime

2018-12-06T08:00:39+00:00

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 [...]

Baltimore Police Commissioner De Sousa Charged With Tax Crime2018-12-06T08:00:39+00:00

What Are Some Major Florida Sales Tax Crimes?

2018-12-08T22:15:21+00:00

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 [...]

What Are Some Major Florida Sales Tax Crimes?2018-12-08T22:15:21+00:00

How Does the IRS Handle Taxation of Cryptocurrency?

2018-12-08T22:12:51+00:00

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 [...]

How Does the IRS Handle Taxation of Cryptocurrency?2018-12-08T22:12:51+00:00

What Are the Consequences of Not Filing Your Taxes on Time?

2018-12-08T22:22:03+00:00

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 [...]

What Are the Consequences of Not Filing Your Taxes on Time?2018-12-08T22:22:03+00:00

The Domestic Asset Protection Trust

2018-12-06T08:38:57+00:00

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 [...]

The Domestic Asset Protection Trust2018-12-06T08:38:57+00:00

IRS Reminds You to Report Virtual Currency Transactions

2018-12-06T08:28:43+00:00

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.

IRS Reminds You to Report Virtual Currency Transactions2018-12-06T08:28:43+00:00

Celebrities’ Initial Coin Offering Endorsements Under SEC Scrutiny

2018-12-06T08:02:28+00:00

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 [...]

Celebrities’ Initial Coin Offering Endorsements Under SEC Scrutiny2018-12-06T08:02:28+00:00
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