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Will You Recognize the Form 1099-K When You Receive it This Year?

Will you recognize the Form 1099-K when you receive it from one or more third-party marketplace providers this year?  A few years ago, the IRS implemented new reporting requirements for many popular peer-to-peer payment apps and providers, online marketplaces, ride-sharing platforms, platforms for craft or customized product producers, and even...

What is Willful Blindness According to the IRS?

What is willful blindness according to the IRS?  How is this important in tax cases involving unreported or under-reported income, disclosure of offshore assets and income, FinCEN Form 114 (more commonly referred to as an "FBAR"), and even digital currencies and Non-Fungible Tokens (NFTs)? In an internal IRS memorandum from...

A New Wave of U.S. Expatriate Income Tax Refunds?…

Is a new wave of U.S. expatriate income tax refund applications on the table?  The answer to this question hangs in the balance as we await an appeal on the question of whether or not specific Foreign Tax Credits can be applied to offset the Net Investment Income Tax (NIIT)....

The Action Cryptocurrency Investors Need to Take Immediately

What is the action cryptocurrency investors need to take immediately?  What has changed, and why should any digital asset holder or investor pay attention to this game-changing development? Here is the short answer: If you don’t take action, you will pay substantially more tax than you otherwise should on every...

The IRS Digital Asset Broker Reporting Requirements

The IRS digital asset broker reporting requirements were finalized earlier this year and impact all digital asset (i.e., cryptocurrency and Non-Fungible Tokens or NFTs) transactions beginning January 1, 2025.  What do investors in digital assets need to know?  How will these new regulations affect U.S. and international digital asset exchanges...