The Internal Revenue Service (IRS) has extended the filing date for 2019 tax returns from April 15 to July 15. Several states also have extended filing deadlines and payment due
Continue Reading GT ALERT – States Revise 2019 Tax Filing Deadlines
GT ALERT – COVID-19’s Impact on California Property Tax Deadlines and Planning Considerations
The Coronavirus Disease 2019 (COVID-19) crisis has raised questions and concerns about upcoming property tax payment and reporting deadlines in California and whether taxpayers may be entitled to any relief
Continue Reading GT ALERT – COVID-19’s Impact on California Property Tax Deadlines and Planning Considerations
Qualified Opportunity Zones – Final Treasury Regulations Released
On Dec. 19, the United States Department of the Treasury released final regulations related to investment in Qualified Opportunity Zones and Qualified Opportunity Funds (544 pages). These highly anticipated regulations
Continue Reading Qualified Opportunity Zones – Final Treasury Regulations Released
IRS Issues New Cryptocurrency Guidance
On Oct. 9, 2019, the Internal Revenue Service (IRS) released revenue ruling (Rev. Rul. 2019-24) and a Frequently Asked Questions (FAQs) document, which provide additional guidance on the tax treatment and reporting obligations for transactions involving virtual currency (also known as cryptocurrency). This guidance supplements the original guidance that was issued in 2014 in the form of a notice (Notice 2014-21), which provides a baseline rule that cryptocurrency is property for federal income tax purposes.
Rev. Rul. 2019-24 addresses questions related to the tax treatment of hard forks. The revenue ruling describes a hard fork as a protocol change that results in a permanent split of a new distributive ledger from a legacy or existing distributed ledger, resulting in the creation of a new cryptocurrency on the new distributed ledger in addition to the legacy cryptocurrency on the legacy distributed ledger.
Continue Reading IRS Issues New Cryptocurrency Guidance
Greenberg Traurig Sponsors 2019 Samsung Gives Charity Gala
Greenberg Traurig recently sponsored the 2019 Samsung Gives Charity Gala in New York City. With hundreds of guests in attendance, including musicians, athletes, and celebrities, this program is dedicated to
Continue Reading Greenberg Traurig Sponsors 2019 Samsung Gives Charity Gala
IRS Offers Settlements to Some Micro-Captive Insurance Taxpayers
On Sept. 16, 2019, the IRS announced it is offering settlements to certain taxpayers with open audits of micro-captive insurance transactions. The IRS has targeted these micro-captive insurance transactions
Continue Reading IRS Offers Settlements to Some Micro-Captive Insurance Taxpayers
Retailers Not Eligible for 100% Leasehold Improvement Write-Off Due to Legislative Glitch
The 2017 Tax Cuts and Jobs Act provided a 100% first year write-off for many types of capital expenditures. Congressional tax writers intended this benefit to be available for leasehold
Continue Reading Retailers Not Eligible for 100% Leasehold Improvement Write-Off Due to Legislative Glitch
IRS Aims to Catch Up to Tech Advancements
Recently proposed IRS regulations would significantly affect tax on income from international cloud transactions and electronic transfers of digital content. Accordingly, CFOs should review the structure of agreements involving such
Continue Reading IRS Aims to Catch Up to Tech Advancements
In the Zone: GT Qualified Opportunity Zone News – July and August 2019
Welcome to In the Zone: GT Qualified Opportunity Zone News. Our monthly digest of the latest federal and state developments in Qualified Opportunity Zones and Qualified Opportunity Funds and
Continue Reading In the Zone: GT Qualified Opportunity Zone News – July and August 2019
IRS Clarifies U.S. Tax Treatment of Cross-Border Cloud and Other Online Transactions in Proposed Regulations
On Aug. 9, 2019, the IRS issued proposed regulations (Proposed Regulations) addressing the U.S. federal income tax treatment of cross-border cloud transactions. The Proposed Regulations will not become effective until
Continue Reading IRS Clarifies U.S. Tax Treatment of Cross-Border Cloud and Other Online Transactions in Proposed Regulations