Taxation

Reading Time: < 1 minuteThe past several weeks has seen a flurry of Federal legislative activities related to the coronavirus, as well as actions by the Internal Revenue Service: The Coronavirus Aid, Relief, and Economic...

Contributing Author: Mark Persellin  When the Tax Cuts and Jobs Act of 2017 (TCJA) was enacted, the Trump administration (and others) asserted that the legislation would not add to the Federal deficit.  The U.S. Department of Treasury argued that the TCJA would be, at worst, revenue...

Contributing Author: James C Young  In Notice 2014–21 (2014–16 I.R.B. 938), the Internal Revenue Service (IRS) provided some basic answers to questions taxpayers were asking about virtual currency (also called cryptocurrency) like Bitcoin or Ethereum.  Although virtual currency operates like “real” currency in some environments (e.g.,...

Contributing Author: William A Raabe  The 2018 Budget Act (signed into law on February 9, 2018) included an interesting exception to the long-established rule that a private foundation cannot own an operating for-profit business. SWFT Volume...