IRS Bitcoin Enforcement: Four Suggestions for Cryptocurrency Investors

In January 2018, an individual investor visited my office and asked me to prepare income tax returns based on his cryptocurrency trading gains.  This individual used U.S. dollars to buy Bitcoins.  He proceeded to trade in and out of other cryptocurrencies (“altcoins”) on a major trading exchange.  When he first ...

The Qualified Business Income Deduction: Interim Guidance

On March 7, 2018, David J. Kautter announced that official guidance on the qualified business income deduction will not be available until the late summer or early fall. Mr. Kautter was responding to a letter dated February 21, 2018 from the American Institute of CPA’s (“AICPA”) requesting immediate guidance to resolve the many ambiguities in the qualified business income deduction (Section 199A).

Wayfair Oral Arguments: U.S. Supreme Court Sharply Divided on Sales Tax for e-Commerce

The U.S. Supreme Court on April 17, 2018 heard oral arguments in South Dakota v. Wayfair, on whether the justices should overrule the 1992 Quill decision, which prevents states from collecting sales taxes from vendors who have no physical presence in the customer’s state.

Supreme Court Hears Wayfair Oral Arguments: Are Most Internet Sales Now Subject to Sales Tax?

Supreme Court Hears Wayfair Oral Arguments:  Are Most Internet Sales Now Subject to Sales Tax? The Massachusetts Tax Alert™ By Attorney Yale Yechiel N. Robinson and Attorney Morris N. Robinson, CPA, LL.M. April 16, 2018 The U.S. Supreme Court will hear oral arguments in South Dakota v. Wayfair, Inc. on Tuesday, April 17, 2018.  In response to a possible change in the law of state tax nexus, we suggest that businesses should evaluate their current tax compliance and consider making a voluntary disclosure if they are not fully compliant with state sales tax laws.

IRS Is Closing Offshore Voluntary Disclosure Program; Deadline of September 28, 2018

The IRS announced it will be closing its Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018. The news follows a significant decrease in taxpayer participation in the program, coupled with advances in third-party reporting of offshore account information and increased awareness of reporting obligations. All submissions made by the deadline must ...

A Quick To-Do List for “Tax Season”

The deadline for individuals to file and pay their 2017 taxes will be Tuesday, April 17, 2018, which is six weeks from now.  As we continue to work through “tax season,” I suggest that taxpayers add a withholding review to their to-do list for “tax season.”

IRS Announces Withholding Tax Changes for 2018

IRS Announces Withholding Tax Changes for 2018: Employers and Employees Should Review Their W-4 Forms During “Tax Season” By Yale Yechiel N. Robinson The Massachusetts Tax Alert™ The Internal Revenue Service (IRS) announced on February 28, 2018 that it has updated its online withholding calculator and the W-4 form to comply with the new tax rates under the Tax Cuts and Jobs Act of 2017.  Most employers have already adopted the new tax withholding tables for their employees’ wages based on the revised IRS Notice 1036.

Wire Transfer Audits and FATCA: What Every Taxpayer Needs to Know

Wire Transfer Audits and FATCA

What Every Taxpayer Needs to Know

by Attorney Morris N. Robinson, CPA, LLM

February 19, 2018

1. FATCA

FATCA: The Foreign Account Tax Compliance Act[1] was signed into law by President Obama on March 18, 2010. There ...

Smith v. Comm’r: Before You Take that Business-Related Tax Loss, Ask “Does My Business Have a Bona Fide Purpose?”

Last fall, the U.S. Tax Court decided the case of Smith v. Comm’r.[1] It’s not a pivotal case, but it stands as a good reminder of the adage “you don’t get something for nothing.” At the heart of the case was a complicated tax planning strategy using an ...