Under recent accounting rule changes, unrealized crypto gains must generally be reported on income statements, but questions arise about the alignment of the new Corporate Alternative Minimum Tax with constitutional tax...more
1/16/2025
/ Alternative Minimum Tax ,
Capital Gains ,
Constitutional Challenges ,
Corporate Taxes ,
Cryptoassets ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Reporting Requirements ,
SCOTUS ,
Tax Liability ,
Tax Reform ,
U.S. Treasury
Taxpayers must act quickly to determine if further action is necessary to obtain relief. Delinquent returns must be filed on or before September 30, 2022.
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LB&I has announced compliance initiatives regarding the Section 965 Transition Tax, Repatriation via Foreign Triangular Reorganizations, and Virtual Currency transactions.
Key Points:
..The IRS continues its efforts to...more