Lower Your 2019 Tax Bill

There is still time to take advantage of ways to minimize your 2019 tax bill before the end of the year.  Below are a few items that you might want to consider before the end of the year.  If you have any questions on how any of these techniques may apply to your personal tax situation, please contact us. Opportunity Zones A key deadline for opportunity zones, an incentive including in the 2017 tax law … Read More

IRS Focusing on Bitcoin ATMs

IRS Investigating Tax Issues of Cryptocurrency Kiosks Criminal investigators at the Internal Revenue Service are extremely focused on the potential tax issues concerning cryptocurrency kiosks and Bitcoin ATMs, a top agency official said recently.  Although no public cases involving bitcoin or other crypto kiosks have been filed to date, IRS Criminal Investigation Chief John Fort said his team is working with its law enforcement partners to police the illicit activity enabled by the technology. “We’re … Read More

Pre-2019 Crypto Exchanges are not like-kind

IRS says pre-2019 cryptocurrency exchanges are not “like-kind” Taxpayers aren’t able to defer taxes on exchanges of cryptocurrency, even for transactions that occurred before 2018, an IRS official said. Up until now it has been clear that taxpayers can’t use like-kind exchanges for cryptocurrency trades beginning in 2018 due to changes made in the 2017 tax overhaul. Like-kind exchanges allow taxpayers to postpone paying tax on the gain of a sale if the proceeds are … Read More

MiFID and Overseas Americans

More Difficult for Overseas Americans to Invest in ETF’s Several brokerage firms, including Charles Schwab made a change to the detriment of overseas Americans. It has now become difficult or impossible for some overseas Americans—especially those with lower incomes and savings amounts—to buy U.S.-listed exchange traded funds (ETFs).  In September, Charles Schwab, to the surprise of many of their European-based clients, announced that residents of the EU, including the U.K., would no longer be able … Read More

IRS Focusing on Section 965 Repatriation Tax Payments

IRS Auditors are Observing Companies that Owe Offshore Profit Tax The IRS are focusing on companies that are liable for tax code Section 965 repatriation tax payments—the levies companies owe on their accumulated offshore earnings, in accordance with the 2017 tax law. This is according to a list on their website updated Nov. 4. Agency officials previously said the area is ripe for abuse because companies could try to minimize their foreign profits in an … Read More