In Revenue Ruling 2019-24 the IRS considered what are the tax consequences of crptocurrency forks and airdrops. Those of us who hold, or held, cryptocurrency during widely-followed forks, such as Bitcoin’s 2018 fork into Bitcoin and Bitcoin Cash, know the drill. The...
Penalties Increase for Individuals and for Employers under Obamacare (Affordable Care Act) As promised, Obamacare taxes and penalties for not having health insurance are on the rise. The following is a summary of what to know: Individual Health Care Penalties The...
IRS States Bitcoins Are Property So the IRS has issued a Notice on the virtual currency known as Bitcoin: It’s not a currency, it’s property. Jolly good, you say, so what? Well, that decision has some major tax implications for the future of what...
IRS Institutes Fast Track Dispute Resolution The IRS announced a new Fast Track Settlement program (“FTS”) allowing self-employed and small business owners to shorten the time it takes to resolve audit disputes. How To Arbitrate a Tax Dispute The new FTS...
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