IRS Releases Guidance on Taxation of Cryptocurrency:

IRS Releases Guidance on Taxation of Cryptocurrency

On October 9, 2019, the IRS released Revenue Ruling 2019-24 and a question and answer document (FAQs on Virtual Currency Transactions) that confirm when cryptocurrency owner’s taxes are due.  This has previously been a source of confusion.  In this ruling, the IRS ruled that a “hard fork” (i.e., when one cryptocurrency becomes two) will not cause…

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IRS POSTPONES APRIL 15 TAX-PAYMENT DEADLINE FOR MILLIONS

IRS Payment Deadline

At a White House Press briefing Tuesday, March 17, Secretary of Treasury, Steve Mnuchin announced that the IRS was postponing the April 15 deadline for paying taxes for 90 days. The extended deadline applies to individuals who owe less than $1 million and corporations that owe less than $10 million.  Not only will the IRS…

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HR 6201 The Families First Coronavirus Response Act (FFCRA)

Filling out tax form

This bill, which is expected to be passed in the Senate without significant modification, requires all employers to provide paid sick leave, allocates federal funding for new disaster unpaid sick leave, increases funding for low-income food assistance, and increases health care worker protection.  Beyond increasing funding for state unemployment insurance, this bill falls short of…

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Employers Can Help Employees with Qualified Disaster Relief Payments which are Excludible from Income

Employers need to look no further than IRC Section 139 when looking for a way to help employees pay for reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. According to Section 139(a), payments received to help with unreimbursed expenses following a qualified disaster are excluded from…

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IRS POSTPONES APRIL 15 TAX FILING DEADLINE UNTIL JULY 15

IRS Postpones April 15 Tax filing

Secretary of Treasury, Steve Mnuchin, announced by Tweet that the IRS was postponing the April 15 tax filing deadline until July 15, now matching the extended tax payment deadline.  As taxpayers rejoice, it remains to be seen if the announcement will also extend the deadline for funding Individual Retirement Accounts (IRAs) for the 2019 tax…

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