The Treasury Department and the IRS issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up…
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Problems With Crypocurrencies – Founder of QuadrigaCX Exchange Dies with Sole Access to Stored Funds
Canada’s largest cryptocurrency exchange, QuadrigaCX, has said that around USD190 million in cryptocurrency and fiat money cannot be repaid to investors, because the CEO and founder, who died in December 2018, had "sole responsibility for handling the funds and coins." No Other Team Member has the Passwords or Can Access These Funds, and QuadrigaCX has…
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FBAR Signatories Have an Extra Year to File Their Form 114
Individuals with signature-only authority over foreign financial accounts have been granted until April 15, 2020 to file their report of foreign bank and financial accounts (FBAR) forms to the US Internal Revenue Service for the tax year just ended. Previously the deadline was April 15, 2019, consistent with the federal income tax due date. …
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Luxembourg Establishes A Beneficial Ownership Register
Luxembourg has gazetted a law establishing the compulsory public register of company beneficial owners, as required by article 30 of the EU Fourth Anti-Money Laundering Directive. Entities falling within its scope will have until 1 September 2019 to comply. Members of the public will not have access to the beneficial owners' private residential, professional address…
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