Cryptocurrency is treated like any other investment asset for federal income tax purposes and not “money.” Therefore, taxpayers that sell cryptocurrency for a gain incur taxable capital gains for income tax purposes.It is likely that a fair amount of cryptocurrency
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Applicable Federal Rates – March 2021
For the applicable federal rates for the above month, preceding months, and a data table that visually shows trends, click here! Direction of rates: moving upFollow @crubincrubin
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Beware the Last Minute Signing of a Prenuptial Agreement [Florida]
Marital attorneys know that upon divorce, spouses who signed a prenuptial agreement will often raise arguments of coercion and duress to void the agreement. Factually, such allegations and arguments may or may not be true, and in either case may…
New Rules Coming on Brokers and Other Financial Representatives Being Named as a Fiduciary or a Beneficiary
Securities brokers and other registered representatives often develop close relationships with their clients. Those clients may make provision for them to become a fiduciary or beneficiary in trusts and wills due to these relationships.For those representatives who are subject to…
FBAR Reporting to Be Expanded to Include Foreign Accounts Holding Virtual Currency
Presently, for U.S. persons a foreign account holding virtual currency is not a reportable account for purposes of having to file an FBAR.In a recent announcement FinCEN has advised that it intends to amend the FBAR regulations to include those…
Applicable Federal Rates – February 2021
For the applicable federal rates for the above month, preceding months, and a data table that visually shows trends, click here! Direction of rates: moving up Follow @crubincrubin
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Antideferral Tax Legislation on the Horizon? What is Antideferral Tax Legislation?
President Biden has made no secret of his plans to raise taxes. One possible avenue is through the adoption of antideferral rules, along the lines recently outlined in a report by Senator Ron Wyden, the ranking member of the Senate…
IRS Is Proposing a User Fee for Estate Tax Closing Letter
Executors and personal representatives of estates of decedents can be held personally liable for distributing or applying estate assets when there are unpaid estate taxes due, if the IRS does not get paid. When an estate tax return is filed,…
Applicable Federal Rates – January 2021
For the applicable federal rates for the above month, preceding months, and a data table that visually shows trends, click here!Follow @crubincrubin
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CARES ACT COVID MODIFICATIONS – IMPORTANT UPDATE
I posted on the pending modifications in an earlier posting this evening.However, a few minutes ago President Trump issued a video statement effectively threatening to veto the entire bill unless Congress rewrites it to eliminate much of the non-COVID related spending…