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Tax Controversies Archives

One problem with cryptocurrency transactions: Property or money?

One of the key issues when it comes to taxation of cryptocurrency is its basic definition. Is cryptocurrency property or money? It may not seem like an important distinction, but the answer directly impacts the application of federal tax laws on this form of currency.

IRS continues to focus on Cayman Islands for tax violations

Offshore accounts continue to face scrutiny by the Internal Revenue Service (IRS). The federal agency examines these accounts to ensure the owner is in compliance with tax laws. A failure to do so can result in serious penalties, including fines and potential prison time for serious offenses.

Reminder: Tax filing extension deadline Oct. 16

If you got an extension on your tax filings, the deadline is likely fast approaching. For many, the deadline for extended filings is set at October 16. Before submitting that filing, be sure to check to make sure that you are getting the most of available benefits. Three examples to check for include:

Feds closing in on Caterpillar amidst allegations of tax fraud

The Internal Revenue Service (IRS) appears to be making headway in its attempts to bring down Caterpillar. The industrial equipment supplier is facing allegations of tax fraud. Essentially, the IRS believes the Peoria, Illinois based company has attempted to avoid its tax obligations by putting profits for sales into a subsidiary based in Switzerland.

Passive foreign investment company reporting: avoiding pitfalls

International tax compliance has become so complicated it sometimes seems like a constant crossword puzzle of acronyms and obligations. If you live abroad, have foreign accounts, or meet other criteria, the intricacies of FATCA, FBAR, FinCen, Form 8938 are in play, carrying the potential to trip you up.

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