Tax Attorney

IRS Is Tracking Down 10,000 Crypto Owners to Pay Back Taxes

IRS Is Tracking Down 10,000 Crypto Owners to Pay Back Taxes

The IRS in 2014 classified all virtual currencies as property for tax purposes, meaning the assets -- much like a home -- can be sold at a profit and trigger tax implications. Taxpayers who haven’t been notified by the IRS and may have underpaid or avoided taxes for cryptocurrency transactions still could seek some relief by coming forward before the IRS finds them.

Using An Intentionally Defective Irrevocable Trust (IDIT) To Gift Your Family Business

Using An Intentionally Defective Irrevocable Trust (IDIT) To Gift Your Family Business

If you are considering making a sizable gift to a family member such as a partial interest in the family business, how you structure the transaction can have a meaningful impact on the success of the transfer, minimizing taxes, and the control you have even after making the gift.

IRS & FATCA Hunt Offshore Accounts

IRS & FATCA Hunt Offshore Accounts

If you are a U.S. citizen or resident and have a foreign bank account anywhere, […] you must report worldwide income on your U.S. tax return. If you have an interest in a foreign bank account, check “yes” (on Schedule B).