Author:Jeff Senney

Bi-partisan legislation recently proposed by in the Senate signals the government’s intent to address longstanding confusion surrounding the tax treatment of digital assets such as cryptocurrencies. Senators Cynthia Lummis, a Wyoming Republican, and Kirsten Gillibrand, a New York Democrat, introduced the Responsible Financial Innovation Act (S....

In its Exempt Organization newsletter published March 25, 2022, the IRS announced it will temporarily stop issuing delinquent return notices to tax-exempt and governmental entities. This move comes after the IRS came under pressure to suspend more delinquent returns and collection notices while working through...

If taxpayers are missing wage and withholding information to file their individual federal income tax return, certain steps should be taken. Businesses are required to send their employees a Form W-2 "Wage and Tax Statement" by January 31 each year. Businesses are also required to send...

In a recent information release, IR 2022-45 (3/1/2022), the IRS has reminded taxpayers of their reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets. Gig economy earnings are taxable. Generally, income earned from...

Many individuals and small businesses have adopted peer-to-peer payment apps like Venmo, Paypal and Cash App (“P2P platforms”) to make convenient mobile money transfers. These P2P platforms provide an easy and convenient way to split a restaurant bill with friends, make gifts to family members,...

Top 10 Tax Cases of 2021 IRS Criminal Investigation group (IRS-CI) is the criminal investigative arm of the IRS.  IRS-CI is responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more.  IRS-CI special agents are the...

“S” corporations are only permitted to have certain types of shareholders (generally individuals, estates and grantor trust), may have no more than 100 shareholders, and may not have more than one class of stock.  An “S” corporation also may not have passive income in excess...

Limited liability companies are a very flexible form of business organization.   Depending on number of owners, and whether or not an election has been made, an LLC can be treated as a disregarded entity, a sole proprietorship, a partnership, a corporation or an “S” corporation....