On April 17, 2019 we posted US S.C. Heard Oral Arguments on Whether States Can Tax Out-of-State & Foreign Trusts where we discussed that the Supreme Court will hear a case that may clarify how much states are able to tax and that in April, the Supreme Court of the United States will hear an appeal…
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Millions of ITINs Are Set to Expire in 2019
In IR-2019-118 the IRS stated that nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year. “We urge taxpayers with expiring ITINs to take action and renew the number…
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IRS Summons to Uncover Unreported Virtual Currency Gains Partially Enforced
In U.S. v. Coinbase, Inc., et al, (DC CA 11/28/2017) 120 AFTR 2d ¶2017-5538 IRS has been granted partial enforcement of a summons served on Coinbase, a virtual currency exchange that represents the largest U.S. exchange of bitcoin into dollars. As part of its investigation into the reporting gap among virtual currency users, IRS originally…
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IRS Releases Data Book for 2018 Showing Data on Tax Audits & Collection
The Internal Revenue Service on May 20, 2019 released the 2018 IRS Data Book, a snapshot of agency activities for the fiscal year. The 2018 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2017, to Sept. 30, 2018, and includes information about tax returns, refunds, examinations and appeals. The annual publication…
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