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

91% Conviction Rate for IRS in 2019

The IRS has a 91.2% conviction rate for tax criminal cases in 2019 — a figure IRS officials vow to improve in coming years as the agency pursues an aggressive enforcement strategy.  The of the IRS’s criminal investigations, released on Thursday, come as the agency is putting a heavy emphasis on enforcement and highlighting its image as a serious law enforcement agency as criminals have found new methods and technologies to evade tax laws.  “They … Read More

Canada Gives Million Bank Records to IRS

The Canadian Revenue Agency recently sent approximately 900,000 financial records of Canadian residents to the Internal Revenue Service. Since 2014, bank records of over 2.6 million customers have been sent to the USA from Canada under FATCA.  The purpose is to find out who could be subject to US taxes. Such records may include names, addresses, account numbers, balances, interest and other income; however, the CRA and financial institutions do not automatically notify people when … Read More

2019 Tax Planning for Businesses

As 2019 draws to a close, there is still time to reduce your 2019 tax bill and plan ahead for 2020. This letter highlights several potential tax saving opportunities for you to consider. I will arrange to meet with you to discuss specific planning opportunities and issues that you might have in mind. Although C corporations enjoy a flat 21% statutory tax rate and pass-through entities are taxed at lower rates following the 2017 tax … 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