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

US Expats with Tax Debt and Revoked Passports

Expats in Jeopardy of Losing U.S. Passports The IRS began sending letters to indebted taxypayers in July, stating they will be asking the U.S. State Department to revoke their passports. People who live abroad and receive the letter have 90 days to call the government and set up a payment plan, the IRS said in an email. For domestic taxpayers a response is required in 30 days. A valid passport is often a requirement for … Read More