For years, Treasury has advised taxpayers that virtual currency is not required to be reported on the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts, or what used to be called the FBAR. That appears to be changing. FinCEN has now announced an intention to amend the rules to…
Congress may still be debating the size of additional checks, but Treasury is already taking action to deliver a second round of Economic Impact Payments (EIPs, or stimulus checks). This second round of checks is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, passed by Congress last week and signed into…
Just days ago, tax professionals were wondering whether the G20 would meet its 2020 deadline to reach an agreement on multinational taxation. We now have our answer: Treasury Secretary Steven Mnuchin has called for the suspension of the Organization of Economic Co-operation and Development (OECD) talks. The official statement released by Monica Crowley, Treasury’s assistant…
We might have avoided a government shutdown (for now) but barring any last minute actions by Congress, we’re still on track to default on our obligations. Today, Treasury Secretary Jacob Lew sent another letter to Congress regarding the debt limit and he didn’t have good news. In the letter, he noted that while he had…
If you felt like your tax bill was a little bit higher this year, it wasn’t your imagination. Changes to the Tax Code, including the Net Income Investment Tax and the Medicare tax surcharge, help push taxes payable for many Americans upwards. Those higher tax bills helped grow revenues through fiscal year 2015 to date…
Rest easy, folks: your tax refunds are safe. Despite dire warnings that tax refund delays could happen if Congress didn’t address the debt ceiling crisis (the same worries we had last year), we don’t have anything to worry about for 2014. Well, at least not as it relates to refunds and the debt ceiling. In…
The IRS and the Treasury have announced how same sex marriages will be treated for tax purposes – and it’s big!
My seven-year-old has a penchant for getting herself into trouble. She’s that kind of kid who pushes boundaries to see exactly how far she can get. Lucky for her, she also has a pretty quick wit and a couple of looks up her sleeve. When she gets into trouble, she peers up at me and…
Do Americans want to pay higher taxes to pay down our debt? It depends on who you’re listening to. Much has been made of wealthy taxpayers publicly stating that they want to pay higher taxes even as Congress is arguing that most Americans don’t want to taxes to be raised on anyone, full stop. This…
Not everyone is as thrilled about Citigroup’s new tax breaks as, well, Citi. Former presidential contender Rep. Dennis J. Kucinich (D-OH) counts himself of as one of those who has concerns about the Treasury Department’s decision to change the law so that Citigroup could keep billions of dollars in tax breaks. He went so far…