McDermott Will & Emery
Subscribe to McDermott Will & Emery's PostsWeekly IRS Roundup December 31, 2018 – January 4, 2019
By McDermott Will & Emery on Jan 8, 2019
Posted In IRS Guidance, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 24, 2018 – January 4, 2019. Tax news is very limited because of the government shut down: December 31, 2018: The IRS released Notice 2019-09, providing interim guidance on section 4960 of the Code,...
Continue Reading
Weekly IRS Roundup December 17 – 21, 2018
By McDermott Will & Emery on Dec 26, 2018
Posted In IRS Guidance, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 17 – 21, 2018: December 18, 2018: The IRS issued a news release providing guidance on excess business loss limitations and net operating losses following changes made by the Tax Cuts and Jobs Act....
Continue Reading
Weekly IRS Roundup December 3 – 7, 2018
By McDermott Will & Emery on Dec 10, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 3 – 7, 2018: December 4, 2018: The IRS issued a news release granting taxpayers an extra day, until Thursday, December 6, 2018, to file any return or pay any tax originally due on...
Continue Reading
Weekly IRS Roundup November 19 – 23, 2018
By McDermott Will & Emery on Nov 26, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 19 – 23, 2018: November 19, 2018: The IRS in a news release reminds taxpayers that the non-recognition treatment for like-kind exchanges under Code Section 1031 is now limited to certain exchanges of real...
Continue Reading
Weekly IRS Roundup November 12 – 16, 2018
By McDermott Will & Emery on Nov 19, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 12 – 16, 2018: November 14, 2018: The IRS Criminal Investigation Division released the 2018 Annual Report regarding its significant accomplishments and criminal enforcement actions taken in fiscal year 2018. November 14, 2018: The...
Continue Reading
Cryptocurrency May Be Subject to US Tax: Come Into Compliance Now
By Kevin Spencer, McDermott Will & Emery and McDermott Will & Emery on Nov 16, 2018
Posted In IRS Guidance, Uncategorized
Lately, we have been frequently asked the question: “I file US tax returns and pay taxes here. Are my cryptocurrency transactions taxable or reportable in the US?” The answer for US persons and US taxpayers most likely is “yes.” US persons are generally taxable on income earned worldwide, regardless of the manner in which that...
Continue Reading
Weekly IRS Roundup November 5 – 9, 2018
By McDermott Will & Emery on Nov 13, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 5 – 9, 2018: November 6, 2018: The IRS added in “Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns” information concerning the filing of transfer agreements under Internal Revenue...
Continue Reading
Weekly IRS Roundup October 22 – 26, 2018
By McDermott Will & Emery on Oct 29, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 22 – 26, 2018: October 23, 2018: The IRS released an updated Form 1040 Schedule B for reporting interest and ordinary dividends and draft Form 1120 Schedule D instructions for reporting capital gains and...
Continue Reading
Weekly IRS Roundup October 15 – 19, 2018
By McDermott Will & Emery on Oct 22, 2018
Posted In IRS Guidance, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 15 – 19, 2018: October 16, 2018: The IRS issued Rev. Proc. 2018-54, which sets forth procedural rules for certain taxpayers that hold investments in one or more segregated asset accounts to elect to...
Continue Reading
Weekly IRS Roundup October 1 – 5, 2018
By McDermott Will & Emery on Oct 8, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 1 – 5, 2018: October 1, 2018: The IRS announced in Notice 2018-78 that the deadline for the basis election under Treas. Reg. § 1.965-2 was extended from prior to the publication of final...
Continue Reading
