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Understanding the basis tax implication of cryptocurrency transactions can help individuals avoid issue with the IRS. There are three common transaction cycles with cryptocurrency: a Purchase-Sell Cycle, a Payment-Sell Cycle, and a Purchase/Payment-Exchange Cycle. Each transaction cycle has its own...

Tax Talk, Tax Section of the Maryland State Bar Association, Spring 2018 By John Pontius In December 2015, Congress passed and President Obama signed into law the Fixing America’s Surface Transportation (FAST) Act (Public Law Number 114-94), creating Internal Revenue...

In 2009, the Internal Revenue Service (IRS) opened up the Offshore Voluntary Disclosure Program – commonly abbreviated OVDP – as a means of encouraging willful violators who run the risk of criminal prosecution to safely come clean with their overseas...