On March 28, 2022, the Biden Administration proposed to tax “profits” or “carried” interests as ordinary income and impose self-employment tax on income and gains from these interests for certain partners in investment...more
On March 28, 2022, the Biden Administration proposed changes to the taxation of real property.
Restrict Deferral of Gain for Like-Kind Exchanges under Section 1031 -
The Biden Administration has proposed to limit the...more
On March 28, 2022, the Biden Administration proposed certain very limited changes to the taxation of cryptocurrency transactions. The proposals do not change the current treatment of cryptocurrency as property for federal...more
5/5/2022
/ Biden Administration ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Financial Regulatory Reform ,
Income Taxes ,
IRS ,
Popular ,
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Tax Planning ,
Tax Reform
Introduction and Summary -
On March 28, 2022, the Biden Administration proposed changes to the U.S. international tax rules.
In short, the Biden Administration proposed to:
Enact a 15% minimum “undertaxed profits...more
IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more
3/4/2022
/ Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
IRS ,
Proposed Legislation ,
Regulatory Agenda ,
Reporting Requirements ,
Tax Liability ,
Tax Reform ,
Virtual Currency
On October 21, 2021, the Internal Revenue Service (the “IRS”) released Notice 2021-56 (the “Notice”), which sets forth the additional requirements a limited liability company (“LLC”) must satisfy to obtain a determination...more