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
The Internal Revenue Service (IRS) continues to ramp up its efforts to identify taxpayers that have failed to properly report...
Do Cryptocurrency Transactions Above $10K Have to Be Reported to IRS?
The U.S. Treasury Department is looking to boost tax compliance on virtual currency by imposing a new reporting requirement on...
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......
IRS Position on Willfulness in FBAR Penalty Case Not Taxpayer-Friendly
July 19, 2018
The IRS Recently Clarified Its Position on Willfulness in FBAR Penalty Cases and It Is Not Taxpayer-Friendly Pursuant to 31...
Tax Reform Law’s Impact on Environmental Settlements
May 29, 2018
The Landmark Tax Reform Law Signed by President Donald Trump May Make Environmental Settlements More Expensive for New Jersey Businesses...
Requirements of the IRS Offshore Voluntary Disclosure Program
April 5, 2018
The IRS Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program for taxpayers with exposure to potential criminal liability...
IRS Ending Offshore Voluntary Disclosure Program
April 4, 2018
The IRS Recently Announced it is Ending its Offshore Voluntary Disclosure Program (OVDP) The Internal Revenue Service (IRS) recently announced...
IRS Cracking Down on Virtual Currency Tax Evaders
January 24, 2018
As Part of its Ongoing Effort to Crack Down on Tax Evaders in the World of Virtual Currency, IRS is...