Tax Attorney Blog by Jonathan D. Mishkin
IRS Releases Guidance on Taxation of Cryptocurrency:
On October 9, 2019, the IRS released Revenue Ruling 2019-24 and a question and answer document (found at https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions) that confirm when cryptocurrency owner's taxes...
Taxpayer First Act Continued
Continuing from our post on Wednesday, here's additional information that we thought would be important to share! IRS must give notice of intent to contact third parties Beginning August 15, 2019, the IRS must not contact any person other than the taxpayer regarding...
Tax First Act
H.R. 3151, the “Taxpayer First Act” was signed into law on July 1, 2019, to modernize and improve the Internal Revenue Service. The Taxpayer First Act changes a wide variety of matters under the Internal Revenue Code. The biggest changes include the...
Considerations for Utilizing C Corporations Under New Tax Law
While the reduced 21% tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been wonderful news for these entities and their owners, there are fundamental tax principles that largely remain unchanged that should remain in consideration. 1. C...
New 20% Deduction Available For “Qualified Business Income” (“Pass-Through” Income)
There is a significant new tax deduction that provides a substantial tax benefit to individuals with "qualified business income" from a partnership, S corporation, LLC, or sole proprietorship (i.e., "pass-through" income). The deduction is equal to 20% of the...
New Statewide Transit Tax
As a result of the 2017 legislative session, effective July 1, 2018, all employers in Oregon are required to withhold, report and remit one-tenth of one percent (.001%) of wages paid to their employees to the Department of Revenue. The term "employee" is defined as...
Qualified Business Income (Pass-Through) Under the Newly Enacted Tax Law
Just before Christmas, President Trump signed legislation providing a significant new tax deduction taking effect in 2018. This should provide a substantial tax benefit to individuals with “qualified business income” (QBI) from a partnership, S corporation, LLC,...
Two-year reduced tax rate on brewers and winemakers in new tax legislation
The new tax laws signed by President Trump make numerous temporary changes to the taxes imposed on beer, wine, and distilled spirits. These provisions will sunset after 2019. 1. Reduced Rate of Excise Tax on Beer Section 13802 of the new tax legislation amends Section...
New Due Date for Foreign Bank Account Reporting
If you’ve ever filed a foreign bank account report (FBAR), then June 30 may be ingrained in your memory as the filing deadline. It had been crucial to remember that date for two reasons: It was out of sync with other individual filing deadlines There was no extension...