Publications
Reporting Requirements For Cryptocurrencies And NFTs Begin In 2023
Planning on acquiring, digital assets, here is what to expect before the end of 2022?
Crypto Exchange, will collect a Form W-9 from you (seeking your taxpayer identification number) transactions subject to the reporting will include not only selling cryptocurrencies for fiat currencies (like U.S. dollars), but also exchanging cryptocurrencies for other cryptocurrencies, Form 8300 reporting of cash transactions will presumably follow the same effective dates.
Have an S Corp From Before 1996? Tax-Free Conversion May Be Possible
An outline of The Build Back Better bill’s key tax provisions that affect partners, partnerships and other passthrough entities such as S Corps
New Reporting Requirements On Cryptocurrency, Nonfungible Tokens And Other Digital Asset Transactions.
The U.S. Senate has passed the “Build America Act of 2021” also known as the bipartisan infrastructure bill, that includes new reporting for cryptocurrency transactions and brokers of cryptocurrency…the Bill means that estate plans including any sort of digital asset in an estate will become more complicated.
The New Biden Green Book: Tax Law Changes And Unintended Consequences
The Coming Storm
Yesterday, May 20, 2021, Senator Bernie Sanders (I-VT) introduced S. 994, the "For the 99.5 Percent Act," to "reinstate estate and generation-skipping taxes, and for other purposes.". This Act amends the Internal Revenue Code by increasing the gift and estate tax rates from 40% to a high of 65% and decreasing over the basic exclusion amount from $10 million, adjusted for inflation to now over $11.7 million, to $3.5 million with no adjustment for inflation .
For The 99.5 Percent Act - What It Is, What It Does And What To Do About It.
On March 25, 2021, Senator Bernie Sanders (I-VT) and Senator Sheldon Whitehouse (D-RI) introduced the “FOR THE 99.5 PERCENT ACT” which will dramatically and historically change estate planning by reducing the federal estate and gift tax credits, increasing estate, gift, and GST tax rates and including assets in certain trusts that are not now includible in estates. The changes would be effective for decedents dying and gifts made on or after December 31, 2021. Planning: This is a “use-it-or-lose-it-now” provision which means that your $11,700,000 exemption can be passed either by dying or by making gifts. Transfers must take place before the effective date of these changes. The following is a summary of the changes
Will Changes To The Tax Law Be Retroactive?
The Year Ahead - Proposed Tax Changes And Their Impact.
Tomorrow, January 2oth, Joe Biden will be sworn in and for the first time since 2009, the Democrats will control the White House, the House, and the Senate (though with Vice President Harris providing the tie-breaking vote). During the campaign there where a number of proposals, here are some:
● Increase corporate tax rates from 21% to 28%,
● For companies with over $100 million in net annual income, a corporate minimum tax of 15%, though net operating losses and foreign tax credits still apply,
● Increase the Global Intangible Low-Tax Income tax rates, imposed on foreign subsidiaries of US companies, from 10.5% to 21%,