Results for "digital assets"
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Case study: Cross-border planning for an Australia-bound expatriate couple
Financial concerns of expatriating taxpayers include not only US taxes but also the relevant laws of the destination country.
Adequate identification relief extended through 2026
The relief allows taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of, or transferred during the relief period.
Navigating the Form 1099-DA reporting maze
Make sense of the new rules for digital asset reporting, including transition relief for 2025 and safe harbors going forward.
IRS proposal eases provision of 1099-DA statements by digital asset brokers
The proposed regulations would shift digital-asset reporting toward electronic-only delivery by loosening consent requirements for brokers.
White House makes recommendations on digital asset transactions
A presidential working group’s report advocates the United States implement the OECD’s Crypto-Asset Reporting Framework, an international reporting regime, as well as guidance by the IRS and Treasury.
Prop. regs. issued on new qualified tips deduction
The proposed regulations clarify points including the interaction of qualifying occupations for which tips are customarily received with ineligible specified service trades or businesses.
AICPA tax policy and advocacy successes: 2025 highlights
The AICPA’s Tax Division volunteer committees and technical resource panels can point to many positive results last year from its advocacy to Treasury, the IRS, and Congress for law changes and administrative guidance.
Even an expert says: Digital asset reporting creates headaches
At the AICPA National Tax Conference, digital assets expert Nik Fahrer, CPA, sympathized with tax pros who dread the upcoming tax season because of digital asset reporting requirements.
Digital asset transactions: Broker reporting, amount realized, and basis
Final regulations provide comprehensive guidance for tax reporting of transactions involving these increasingly common assets, and the IRS has granted transition relief in key areas.
How a CPA and wealth adviser partnership can guide families through transition
Michelle Buria, CFP®, MPAS®, AAMS®Managing Director, Wealth Management ChoreoMichelle is a managing director, Wealth Management, at Choreo in Duluth, Minn. She specializes in financial planning, retirement planning, and investment strategies, working with ultra-high-net-worth individuals and families, including widows and divorcees. Michelle helps clients align their wealth with their values and
IRS clarifies how employees can claim 2025 tip and overtime deductions
The IRS also is updating some income tax forms and instructions to help taxpayers claim the deductions.
Details on IRS prop. regs. on tip income deduction
The proposed regulations define “qualified tips” for purposes of the deduction and contain details on allowable forms of payment.
IRS provides additional transition relief for certain digital asset brokers
The relief applies to brokers who must report certain digital asset sales and exchanges on Form 1099-DA and is in response to public comment that brokers need more time to comply.
Adequate disclosure on gift tax returns: A requirement for more than gifts
Specific requirements apply to the adequate disclosure of transactions on a gift tax return.
Treatment of digital assets transferred to employees
Sec. 83 governs the tax treatment of digital assets that employees receive in connection with their performance of services.
Current developments in taxation of individuals: Part 2
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2024.
AICPA tax policy and advocacy successes: 2024 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS during 2024.
Alternative methods allowed for identification of digital assets
The IRS provided temporary relief that permits eligible taxpayers to use alternative methods to make adequate identification of digital asset units sold, disposed of, or transferred in 2025.
Arthur J. Dixon Memorial and Jonathan Horn Distinguished Service awards
James W. Sansone, CPA, received the 2024 Arthur J. Dixon Memorial Award, the highest honor given by the accounting profession for contributions to the field of taxation, and Annette Nellen, Esq., CPA, CGMA, received the 2024 Jonathan Horn Distinguished Service Award.
Basket contracts would be listed transactions under proposed regs.
The regulations target improper income deferral and capital gain treatment using certain options, notional principal contracts, and other derivatives.
