IRS Bitcoin Guidance & Offers in Compromise

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New IRS Forms for Offers in Compromise

By: E. Martin Davidoff, CPA, Esq. | On December 31, 2013, the IRS posted the January 2014 revision to Form 433-A (OIC), Collection Information Statement for Wage Earners and Self-Employed Individuals, to be used for offers in compromise. The new IRS instructions answer the question "What is an offer" as follows:

"An offer in compromise (offer)...

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IRS Guidance Qualifies Bitcoin for Capital Gains

By: T. Steel Rose, CPA |  Bitcoin will be treated a property according to guidance issued by the IRS March 25th. See for full release and FAQs. Bitcoin has grown in popularity across a broad spectrum of users over the last five years. First there were the technology-savvy cryptologists, who see digital currencies...

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Bitcoin for Charitable Contributions

By: Jason Tyra, CPA | Bitcoin has seen tremendous growth over the last twelve months. Taxpayers and not-for-profit organizations alike are now starting to wonder what the tax implications are for bitcoin (or other crypto-currency) denominated donations.

In order for a not-for-profit to accept donations in bitcoin, the organization must...

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The Innocent Alien

By: Philip Panitz, Tax Attorney | When one reads the title of this piece, it is probably a natural assumption to think of little green men. Did some space alien make a wrong turn at Pluto and end up in the pine forest in Flagstaff?1 This article would probably be a lot more interesting and exciting if it were. However, we are...

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Trust Income Tax Planning Post-ATRA

By: Martin M. Shenkman, CPA, MBA, PFS, AEP, JD | Income tax planning for trusts has been profoundly affected by the dramatic changes the American Taxpayer Relief Act of 2012 (“ATRA”) has had on the tax system. Income tax rates are higher. The federal estate tax, which had been an issue for many clients, now affects only a super-wealthy...

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