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Draft Infrastructure Bill Contains New Cryptocurrency Reporting Requirements

USA - August 5 2021 The U.S. Senate recently released a draft of its bipartisan Infrastructure Bill (the "Bill") that includes additional cryptocurrency reporting…

Marvin A. Kirsner, Shira Peleg.

IRS Actively Seeking Information Regarding Cryptocurrency Via John Doe Summonses

USA - April 13 2021 Taxpayers that have engaged in cryptocurrency transactions should be aware that the Internal Revenue Service ("IRS") is seeking customer records from…

Barbara T. Kaplan, G. Michelle Ferreira, Shira Peleg.

Corporate Tax Hikes for Biden’s Infrastructure Plan

USA - April 2 2021 On March 31, 2021, President Joe Biden unveiled a $2 trillion infrastructure and economic recovery plan (American Jobs Plan) to strengthen the…

IRS Provides Procedural Relief to Non-U.S. Individuals Unable to Leave the United States and U.S. individuals Working Abroad Unable to Return to Their Foreign Residence Country Due to COVID-19

USA - April 29 2020 Rev. Proc. 2020-20 provides temporary relief for foreign individuals who did not anticipate becoming a U.S. resident in 2020 and losing certain…

Daniel Steinberg.

IRS Provides Procedural Relief to Real Estate Businesses with Respect to Their Interest Deduction Limitation

USA - April 21 2020 Under the Tax Cuts and JOBS Act of 2017, the new Section 163(j) generally limits a taxpayer's deduction of any business interest expense to 30% of…

Kenneth Zuckerbrot.