February 2020 Archives

Florida Attorney General Issues Tips to Help Floridians Avoid Tax Identity Theft Scams

On February 3, 2020, Florida Attorney General Ashely Moody issued a video consumer alert warning taxpayers to "Watch Out for Tax Identity Theft Scams" and providing tips for Floridians to help them avoid becoming victims of scammers.1

Five nations join tax evasion operation

A new tax enforcement organization is set to ramp up the nation’s ability to keep an eye out for tax evasion. The Joint Chiefs of Global Tax Enforcement, or J5, may sound like something out of the Marvel Universe. In reality, it is a collaborative effort of five major intelligence communities working together to bring down those accused of tax evasion.

Have You Received a 1099-K for Cryptocurrency Transactions?

Cryptocurrency exchanges, such as Coinbase and Uphold, have begun issuing Forms 1099-Ks, Payment Card and Third Party Network Transactions, to customers. If you receive a 1099-K from a cryptocurrency exchange, then you can be assured that the IRS is fully aware of your reportable cryptocurrency transactions. This is because cryptocurrency exchanges are required to send 1099-Ks to: (1) customers during any tax year who had payments exceeding $20,000 and engaged in more than 200 transactions in the exchange, and (2) the IRS. Omitting 1099-K information from your tax return will automatically flag your return for underreporting and subject you to IRS penalties.

Updated IRS FAQs Require Appraisals for Charitable Donations of Virtual Currencies

In December of 2019, the Internal Revenue Service (IRS) added two new "Frequently Asked Questions" (FAQs) on its webpage regarding the responsibilities and reporting obligations for charitable organizations that received donations in the form of virtual currencies.1 One of these FAQs imposes an appraisal requirement for large donations of virtual currencies-increasing already existing concerns that such a requirement will discourage charitable giving.

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