Blog

FinCEN has already issued proposed regulations that would require banks and money service businesses to submit reports, keep records, and verify the identity of customers for transactions involving cryptocurrency with legal tender status (legal tender digital assets) held in “unhosted”, non-custodial, wallets. The enhanced recordkeeping concerning non-custodial wallets… Read More

The Financial Crimes Enforcement Network (FinCEN) has been busy over the last 30 days. In its latest Notice, it indicates that FinCEN wishes to amend the foreign bank account reporting regulations. The changes would require U.S. citizens to report cryptocurrency accounts held with foreign institutions (foreign exchanges) if… Read More

The IRS extends, until June 30, 2021, the period in which it will accept digitally signed and emailed documents due to the COVID-19 pandemic. While the IRS was shut down, millions of pieces of mail piled up in its mail room (they are still sifting through it). Because… Read More

The IRS continues to experience delays mailing backlogged notices due to the volume and restart of issuing notices during the pandemic. This delay impacts some, but not all, IRS notices dated from November 9 to November 23, 2020. The impacted notices are those requesting payment for tax owed… Read More

Coinbase, one of the largest and most popular crypto exchanges, recently changed some of its third-party tax reporting rules for its users. The company used to issue annual 1099-K’s. These tax forms were issued to its crypto users who processed at least $20,000 worth of payments in a… Read More

A 2020 District Court case in Texas tells us that the “timing” of filing an Innocent Spouse Request for relief is supremely important. In the Landers case, the taxpayer filed her Innocent Spouse Claim after an IRS bank levy had been sent to her banking institution. In effect,… Read More