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IRS Announces New Audit Campaign Focusing on Partnership Distributions
By on September 30, 2022
Do you have 10, 20 or even 30 years of data to prove up basis in a partnership interest? Well, I hope so, because the IRS will be asking for it as part of a new IRS Compliance Campaign.
Treasury Marches Forward with Efforts to Create a National Database of Business Entities
By on September 29, 2022
You know the news is BIG when the Government spends 308 pages explaining (justifying) rules where the rules themselves take up only 22 pages. Today the Treasury Department announced final regulations requiring business entities to report details on their beneficial ownership to the federal government. No, today is not April 1 and my fingers are not crossed.
By on September 19, 2022
Our wealth transfer tax system provides taxpayers with exclusions from certain taxes. These exemptions are adjusted annually; the amount of the adjustment is tied to the Consumer Price Index...
The Merge: Will Ether Holders Have a Taxable Event Upon a Successful Merge?
By on September 15, 2022
Today marks a day years in the making in the crypto world. Today, the Ethereum blockchain is scheduled to convert from a Proof of Work system to a Proof of Stake system. This is commonly known as "the Merge." As background, a Proof of Work system relies on miners expending massive amounts of energy to create—or "mine"—new blocks in a blockchain. A Proof of Stake system, on the other hand, relies on people staking their cryptocurrency—essentially locking it up from trading for a period of time. Those who stake a sufficient amount of cryptocurrency are then able to validate transactions for, and add new blocks to, the blockchain. Both miners and stakers receive rewards in the form of cryptocurrency for their efforts.
When is an Amended Return NOT A Qualified Amended Return?
By on September 7, 2022
In a prior blog post I discuss options for correcting mistakes and omissions on tax returns and other IRS filings, including filing a qualified amended tax return ("QAR"). A recent Tax Court opinion, Lamprecht v. Commissioner, T.C. Memo. 2022-91, discusses a taxpayer's attempt to avoid the accuracy-related penalty by filing what the taxpayers hoped were QARs.
