By Erika Diebert, CPA, Tax Manager
ASL Technology Group
In November 2017 the IRS was successful in federal court in its quest to gain access to bitcoin transactions. They now have the records for any transaction worth more than $20,000, including exchanging bitcoins for dollars, and sending or receiving bitcoins to/from another user. The time frame of available information covers transactions between 2013 and 2015. The IRS is expecting a large number of bitcoin users to pay taxes owed on unreported transactions. We would be surprised if this was the end of the quest for information by the IRS. With 2016 and 2017 being big years for bitcoin activity, and other successful cryptocurrencies being left out of the November 2017 court order, a lot of possible unreported transactions are not covered by this subpoena. (more…)
By Abe Livchitz, CPA, Senior Tax Manager
ASL Construction Group
In December, the Republican led Congress enacted the most wide ranging tax reform legislation since 1986. Provisions will impact both personal and business tax liabilities beginning in 2018. The legislation contains changes that can both help and hurt a contractor’s bottom line. Significant provisions include: (more…)
By Helena Bouron, CPA, Senior Audit Manager
ASL Nonprofit Group
When change occurs, there are always winners and losers. With the new tax reform signed into law recently, many articles have been written about the anticipated impact these changes will have on individuals and businesses. However, the impact tax reform may have on nonprofit organizations has received limited media focus. Reform may directly impact the charitable contributions of millions of taxpayers. With tax incentives to donate most likely diminished, nonprofits may struggle to find alternative ways to replace financial support. Let’s look at these major changes that could discourage charitable giving: (more…)
