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In the interest of keeping our clients fully aware of their legal and tax obligations, information about the Corporate Transparency Act (CTA) has graced these pages before. At first, the effective date for compliance for pre-2024 companies was December 31, 2024. Newly formed companies were required to comply within 90 days of formation during 2024, […]

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 […]

A Federal Court Recently Ruled that Digital Assets Sold In An Initial Coin Offering (ICO) did not Meet The Definition of “Security” A federal court recently ruled that digital assets sold in an initial coin offering (ICO) did not meet the definition of “security.” It is the first court decision against the Securities and Exchange […]

Various Agreements Among Business Owners Can Cover A Number of Important Issues Shareholder Agreements, Buy-Sell Agreements, Partnership and Operating Agreements (collectively, “Agreements”) are frequently-used terms to describe agreements among business owners.  Hopefully, the Agreement, whatever its title, covers issues such as contributions of property and services, management, voting, dispute resolution, and ownership transition.  One of […]

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.

A controversial new federal tax law will have a wide range of impacts on New Jersey businesses. For craft brewers, the legislation is a clear win, thanks to the inclusion of the Craft Beverage Modernization and Tax Reform Act of 2017.

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 […]

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.

The IRS Recently Issued Final Regulations on Electing Out of Centralized Partnership Audit Rules (CPAR) Tax Reform has taken the spotlight but there is no doubt that accountants will have their hands full and business litigation resulting from tax issues will rise. On December 29, 2017, the Department of the Treasury-Internal Revenue Service issued final […]

As Part of its Ongoing Effort to Crack Down on Tax Evaders in the World of Virtual Currency, IRS is Requiring Coinbase To Turn Over Customer Account Information Coinbase, one of the country’s largest exchanges for cryptocurrencies like Bitcoin, must turn over the account information of more than 14,000 customers to the Internal Revenue Service […]

IRS Notice of Deficiency Ruled Untimely in Win for Scarinci Hollenbeck Client In Mehrdad Rafizadeh v. Commissioner, the U.S. Tax Court granted summary judgment for the taxpayer, holding the Internal Revenue Service’s (IRS) deficiency notice was untimely. The court specifically held that the IRS could not rely on the six-year statute of limitations set forth in Internal […]

No Provision in the New Tax Law has Received More Attention Than the New Section 199A, Which Defines the New Term “Qualified Business Income” No provision in the new tax law has received more attention than the new section 199A. Section 199A defines a new term called “Qualified Business Income” (“QBI”) and further provides non-corporate […]