CARES Act changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, […]

IRS to begin contacting holders of virtual currency about taxes

Holders of virtual currency such as Bitcoin can expect to receive notices from the IRS within the next month advising them of their tax and filing obligations and how, if necessary, to correct past errors. Virtual currency is treated as property for U.S. federal tax purposes. Consequently, the general tax principles that apply to property […]