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Collateral Damage: Inaccurate US Tax Reporting Can Give Rise to Customer Damages

USA - August 15 2022 Financial institutions, corporations, and other payors of income are keenly aware that the Internal Revenue Service (“IRS”) will impose tax penalties…

Jared B. Goldberger, Mark H. Leeds

The Lummis-Gillibrand Responsible Financial Innovation Act: What to Know

USA - June 21 2022 On June 7, 2022, US Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356 - the Responsible Financial Innovation Act (RFIA)…

Matthew F. Kluchenek, Ellen L. Aldin, Jason S. Bazar, Matthew Bisanz, Joseph A. Castelluccio, Julyana C. Dawson, Rohith P. George, Andrew Olmem, Christina M. Thomas

QI Agreement: US IRS Proposes Modifications to Rules for Distributions by PTPs and Transfers of PTP Interests

USA - May 13 2022 After approximately 18 months of taxpayer anticipation, the US Internal Revenue Service (“IRS”) has released Notice 2022-231 (the “Notice,” which has…

Juan F. Lopez Valek, Jared B. Goldberger

Capital Markets Tax Quarterly - Volume 4, Issue 4

USA - February 8 2022 When the smoke cleared after the US Senate's failure to advance the Build Back Better Act (the "BBBA"), it finally dawned on CMTQ that the US might be…

Juan F. Lopez Valek, Steven D. Garden, David J. Goett, Jared B. Goldberger, Thomas A. Humphreys, Minju Kim, Remmelt Reigersman, Stephanie Wood, Brennan W. Young

Infrastructure Legislation Expands US Tax Information Reporting to Cryptocurrency and Other Digital Assets

USA - November 22 2021 Virtual currency and digital asset transactions are taxable in the same manner as other transactions in property. The Internal Revenue Service (the…

Nicholas A. Flatley, Jared B. Goldberger