IRS Advising Virtual Currency Owners to Pay Back Taxes
The IRS has Begun Sending Letters to Virtual Currency Owners Advising Them to Pay Back Taxes and/or File Amended Returns In IR-2019-132, July 26, 2019, the Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or […]
Will IRS Modify Schedule UTP for Uncertain Tax Positions?
Additional tax changes may be on the horizon for U.S. businesses. However, at this point, it is too soon to tell whether they will ease or expand compliance burdens. The Internal Revenue Service (IRS) is currently evaluating whether to eliminate or modify Schedule UTP, the Uncertain Tax Position Statement, following a report by the Treasury Inspector General for Tax Administration that raised concerns about its effectiveness.
Evaluating the Value of Nondisclosure Agreements Under New Tax Reform Law
A Provision Was Added to the Tax Cuts and Jobs Act that Discourages Companies’ Use of Nondisclosure Agreements in Harassment & Sexual Assault Settlements The new tax reform bill contains a wide range of changes that New Jersey businesses must consider. Some are not exclusively financial. In response to the increased attention on sexual harassment […]
Top Tasks for 2018: Amending Your Partnership Agreement
The Internal Revenue Service’s (IRS) new Partnership Tax Audit Rules take effect on January 1, 2018. As we enter the New Year, New Jersey partnerships (including entities such as LLCs that have elected to be taxed as partnerships) should be considered required and optional amendments to their existing partnership (or operating) agreements to reflect the new tax regime.
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