Washington D.C. Tax Law Blog

The Internal Revenue Service (IRS) has taken an interest in Coinbase. Coinbase is a cryptocurrency company, specializing in this form of digital currency. The federal agency has requested the company release the names of its customers. Why is the IRS interested in Coinbase’s customers? The agency contends that cryptocurrency users may not report their proceeds […]

The second wave of leaks about the use of offshore accounts is making its way through the media. The first was dubbed the Panama Papers; the latest, the Paradise Papers. What exactly are the Paradise Papers? The term refers to over 13.4 million documents connected primarily to a law firm that aids the wealthy with […]

Proposed tax changes could benefit American expats. There is a strong push by expats to include language that would address the United States’ current tax system and how it handles expats. How do U.S. taxes work for expats? Currently, the system uses a citizenship based system as opposed to a residence based system. This results […]

Offshore accounts continue to face scrutiny by the Internal Revenue Service (IRS). The federal agency examines these accounts to ensure the owner is in compliance with tax laws. A failure to do so can result in serious penalties, including fines and potential prison time for serious offenses. With these potential penalties, it may seem like […]

If you got an extension on your tax filings, the deadline is likely fast approaching. For many, the deadline for extended filings is set at October 16. Before submitting that filing, be sure to check to make sure that you are getting the most of available benefits. Three examples to check for include: Income. Depending […]

The Foreign Account Tax Compliance Act (FATCA) requires certain United States taxpayers to report foreign assets to the Internal Revenue Service (IRS). This is in addition to other requirements, such as filing the Report of Foreign Bank and Financial Accounts (FBAR) form. So how do you know if you must comply with FATCA requirements? Ask […]

The investigation into allegations of Russian interference in the 2016 presidential election has led to allegations of United States tax violations. One example is the recent indictment of President Donald Trump’s former campaign chairman, Paul Manafort. Mr. Manafort is accused of using shell companies to hide assets and avoid tax obligations. As noted in a […]

The Internal Revenue Service (IRS) is keeping a close eye on what is referred to as the “gig” economy. This term refers to a new job market that involves the shift from typical nine to five jobs to short-term, flexible positions. These positions are often self-managed, allowing a great deal of autonomy for those who […]

There are a number of legal ways to reduce tax obligations. Some of these methods are common, known to anyone that has filed taxes. Basic deductions like charitable donations are a common example. Other maneuvers are more specialized. One such method, referred to as a corporate inversion, is under scrutiny by the federal government. What […]

The Swiss insurance industry is now under close scrutiny by the United States Department of Justice (DOJ). One insurance provider in the nation, Swiss Life, recently announced that it is under investigation by the DOJ. Why would the DOJ dig into insurance companies for wrongdoing? A recent publication on swissinfo.ch discusses the move. It notes […]