Legal Blog Articles by Jeffrey R. Pittard
Jeffrey R. Pittard is a corporate tax planning attorney who writes articles on corporate tax planning, deal structure & guidance, and estate & trust litigation.
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IRS Asking Congress to Bolster Its Crypto Enforcement Authority
Author: Jeffrey R. PittardDate: June 29, 2021
The Internal Revenue Service (IRS) is continuing its cryptocurrency crackdown. Earlier this month, the agency asked Congress for additional funding and greater legal authority to bolster its efforts to regulate cryptocurrencies and increase tax compliance.
As discussed in prior posts, virtual currency is treated as property for federal tax purposes. Accordingly, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world economy transaction, may have tax consequences that may result in a tax liability. However, the IRS contends that many taxpayers are shirking their tax obligations when it comes to crypto transactions.
IRS Targeting Cryptocurrency Platforms to Obtain Taxpayer Information
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Do Cryptocurrency Transactions Above $10K Have to Be Reported to IRS?
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When Decanting Can be Used to Amend an Irrevocable Trust in New Jersey
One of the options possible for modifying an irrevocable trust is known as "decanting"... Despite what the name suggests, it...
Now that Gov. Murphy Has Signed the Economic Recovery Act, What’s Next?
On January 7, 2021, New Jersey Gov. Phil Murphy signed the New Jersey Economic Recovery Act of 2020 into law......
