In 2015, the Fixing America’s Surface Transportation Act, Pub. L. No. 114-94 (FAST Act), enacted IRC §7345. This section requires the IRS to interact with the State Department so that taxpayers with “seriously delinquent tax debts” are certified by the IRS as such, and subsequently have their passports revoked or denied by the State Department. […]

Effective for virtual currency exchanges completed after December 31, 2017, virtual currency users, such as Bitcoin users, can no longer attempt to claim that an exchange of one type of virtual currency for another is a “like-kind” exchange. Presently, virtual currency owners are subject to tax when exchanges are made for dollars, or other goods; […]

With international tax compliance on the IRS’s radar, it was revealed publicly to reporters on August 2, 2017, that the IRS Criminal Investigation Division (IRS-CI) is assembling a new, dedicated international tax enforcement unit. The new initiative is expected to be fully operational by October 1. U.S. persons’ worldwide income and foreign financial assets are […]

For many years, the persistent call for change in the taxation of American corporations and individuals abroad has gone unanswered. However, the current administration’s actions, suggest the very real possibility of new tax rules, sooner rather than later. Indeed, assuming no major legislative disturbance or some catastrophe, such as a Russian-related scandal or open conflict […]

For many years, the persistent call for change in the taxation of American corporations and individuals abroad has gone unanswered. However, the current administration’s actions, suggest the very real possibility of new tax rules, sooner rather than later. Indeed, assuming no major legislative disturbance or some catastrophe, such as a Russian-related scandal or open conflict […]

Trump’s administration released their proposed tax plan with few details in a one page memo outlined with broad goals and few details. If passed, it could dramatically change the way Americans pay taxes and would be the biggest overhaul in the federal taxation system since 1986. The White House said one of the main goals […]