Glen E. Frost, Managing Partner The Tax Cuts and Jobs Act of 2017 (TCJA) introduced Qualified Opportunity Zones (QOZ),1created to stimulate economic and property development in low-income communities in order to reduce poverty and increase employment. The program is immensely attractive to investors, because those who invest in QOZs using Qualified Opportunity Funds (QOFs) and […]

If you want to start a business but don’t know where to start, you’re not alone. Often business owners run into trouble, because they inadvertently forget to license or follow an applicable rule when establishing their business. Starting your own business doing something that you are passionate about is very exciting. However, all of the […]

In November of 2017, Coinbase, Inc. (“Coinbase”), a company that facilitates digital currency transactions, was ordered to comply with an IRS summons demanding specific Coinbase client identifying information and transaction data for Coinbase accounts “with at least the equivalent of $20,000 in any one transactions type” in any year during the period of 2013-2015.[1]Approximately 14,000 […]

A recent decision has shaken tax authorities in the US–Bedrosian v. United States, No. 2:15-cv-05853 (E.D. Pa. Sept. 20, 2017). Case History The case was filed by the plaintiff, Arthur Bedrosian, to obtain a refund of the $9,757.89 that he paid to the Internal Revenue Service (IRS). This amount was paid for his alleged willful […]

Glen E. Frost, Managing Partner Investors, traders, investment managers, and other high net worth individuals now have access to a tax haven custom-made for them. And this haven is even issuing its siren’s call to lure those in the cryptocurrency community-recently creating an advisory council specifically aimed at fostering blockchain business development on the island. […]

When a taxpayer receives a notice from the IRS proposing an additional assessment of tax, the taxpayer can often work administratively with the IRS to resolve the dispute. However, many times, the taxpayer and IRS are not able to come to an agreement. In those instances, there are four different forums which can be utilized […]

The federal tax reform law, known as the Tax Cuts and Jobs Act (TCJA), which was signed into law by President Trump last year, is a major piece of legislation hundreds of pages long. As a result, it is easy to overlook some changes brought about by the law that could nonetheless have a huge […]

Those who attended college while in the District of Columbia, or who have found themselves having to deal with unpayable student debt while living in D.C., can encounter a wide array of challenges to living the lifestyle they seek to live. When payments for student debts are unable to be made, sometimes a collection agency […]

On March 23, 2018, the IRS issued IR-2018-71, reminding taxpayers that they must report income from virtual currency transactions on their income tax returns. The IRS defined virtual currency as “a digital representation of value that functions in the same manner as a country’s traditional currency.” The IRS emphasized that, as with any other property […]

Eli S. Noff, Esq. CPA, Partner The Tax Cuts and Jobs Act of 2017 created new Internal Revenue Code (IRC)§199A. Undoubtedly, the new section provides a significant tax break to flow-through entities and structures. Under this new section, subject to certain limitations, taxpayers (excluding C corporations) may be able to deduct up to 20% of […]