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Articles by Cynthia M. Pedersen
Cryptoasset clarity needed for private fund managers
Editor: Anthony Bakale, CPA This item outlines the risks private fund managers should consider when investing their portfolio in cryptoassets. Current IRS guidance lacks direction for investing through a private fund The IRS's guidance on cryptoasset income tax reporting standards has been mainly directed toward individual transactions and bitcoin-specific activities. Based on current guidance, the IRS treats cryptoassets as property, and the general tax principles for property transactions apply.
The current state of evolution of cryptoasset taxation
Editor: Anthony S. Bakale, CPA The IRS began sparingly providing tax guidance on cryptoasset reporting standards beginning in 2014 with Notice 2014-21. The notice applied the general tax principles for property to transactions involving cryptoassets or, as the IRS calls them, "virtual currency." As the asset class evolved, questions began to emerge on the income tax implications of more complex transactions. In 2019, five years after the notice was issued, the IRS released Rev. Rul.
Estate planning for digital assets
Editor: Anthony S. Bakale, CPA The rapid advance of technology has led to substantial portions of individuals' business and personal data being stored in digital formats. Many individuals may not realize the value and extent of their digital records and the potential for financial or sentimental loss if these assets are lost or inaccessible. A well-drafted estate plan should address the management and distribution of digital assets to mitigate additional administrative burdens on fiduciaries.
States’ workarounds to the state and local tax deduction limitation
Editor: Anthony S. Bakale, CPA This discussion examines the proposed workarounds introduced, and in some states currently enacted, to reduce the anticipated increased tax burden on individual taxpayers that will be caused by the state and local tax deduction limitation created by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. Understanding the new limitation: Sec. 164(b)(6) Prior to the TCJA, Sec.
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