Crypto Tax Evasion Is A Criminal Offense – Shehan Chandrasekera, Forbes. “The US Attorney General’s Cyber Digital Task Force recently issued a comprehensive report outlining the United States’ framework for enforcement against cryptocurrency-related crimes.”
“The Cyber Digital Task Force report points out: “not reporting capital gains from the sale or other disposition of the cryptocurrency, not reporting business income received in cryptocurrency, not reporting wages paid in cryptocurrency, or using cryptocurrency to facilitate false invoice schemes designed to fraudulently reduce business income are examples of evasion of assessments”
Nee help with your crypto? See our insight on New Tax Guidance Issued on Cryptocurrency Transactions
Daily Fantasy Sports Fee is a Wagering Transaction, Deductions Limited to Winnings, per Chief Counsel Advice – Ed Zollars, Current Federal Tax Developments. “In CCA 202042015 the IRS decided that the amount a daily fantasy sports player pays to participate in a contest is a wagering expense subject to IRC §165(d)’s limitation on the deduction of gambling losses.”
Tax Increase for Corporations Looks More Likely as Election Nears – Richard Rubin, WSJ($). “On paper, the 21% U.S. corporate tax rate was a permanent cornerstone of the 2017 tax law, a boon to business without the expiration date attached to other provisions. In reality, that low rate is only as solid as Republicans’ ability to wield power in Washington.”
“Mr. Trump argues that companies will flee the U.S. if their taxes rise. Economists say the tax increase, in isolation, would be a drag on economic growth, but they disagree over the size of the effect and how the burden would be distributed among shareholders, workers and consumers. Government estimates say the bulk of the cost falls on owners of capital, including foreigners, retirement plans and endowments.”
Biden Tax Changes Would Come Later Than Expected, Study Predicts – Alexis Gravely, Tax Notes($). “The effective date for tax policy changes is expected to be in January 2022 if Democratic candidate Joe Biden wins the presidency, according to an updated analysis by the Urban-Brookings Tax Policy Center.”
“Biden himself recently acknowledged that uncertainties in Congress would affect his timing for implementing the tax proposals laid out in his campaign platform. The former vice president said in September that he’d make changes to corporate taxation on “day 1,” but he wasn’t as emphatic about the notion during an October 15 town hall.”
Are Higher Taxes Coming? Three Things To Watch For – Steve Forbes, Forbes. “Democrats are betting that they can get voters to go along with big tax increases as long as they ostensibly hit only “the rich” and businesses. In this episode of What’s Ahead, we look at three state referendums that will test this hypothesis.”
Democrats Hold Out for Refundable Credits in Stimulus Talks – Jad Chamseddine, Tax Notes($). “House Democrats have made expanding refundable credits a central part of the next pandemic relief stimulus package as they try to accomplish a long-term goal of helping low-income families.”
Inflation-adjusted limit for 2021 HRAs issued – Sally P. Schreiber, J.D., Journal of Accountancy. “The maximum amount, which is indexed under the Chained Consumer Price Index for All Urban Consumers, is unchanged for plan years beginning after Dec. 31, 2020, and before Jan. 1, 2022, and remains $1,800.”
IRS Issues Applicable Federal Rates (AFR) for November 2020 – Joe Kristian, Eide Bailly. “The IRS has released (Rev. Rul. 2020-22) the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for November 2020. These rates are used for various tax purposes, including minimum rates for loans.”
Spinoff Distributions Halted by COVID-19 May Qualify as Tax Free – Emily Foster, Tax Notes ($). “The IRS has provided some solace for taxpayers that might have their plans for divesting stock in spinoff transactions upended by the effects of the coronavirus pandemic, potentially jeopardizing their tax-free treatment.”
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