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Articles by Lawrence A. Sannicandro
The Significant, Yet Often Ignored, Tax Consequences of Moving Out of New York and the US
One potential fallout from the COVID-19 pandemic, especially as many employees have shifted to remote work permanently, is that federal and state tax authorities may increasingly scrutinize a person’s claimed tax residency. Whether enticed by the flexibility of remote work or concerned about living in populated areas, many people have picked up and moved elsewhere because of the pandemic.
Mitigating IRS Cryptocurrency Enforcement Risk In 2021
Law360 (January 3, 2021, 12:02 AM EST) -- A high-stakes game of chicken moves to the next level in 2021. Over the past several years, the Internal Revenue Service has repeatedly warned that taxpayers who violate the law while using virtual currency — including cryptocurrency — will be pursued for civil and, potentially, criminal penalties.
The Deductibility Of Expenses Paid With Forgiven PPP Loan Proceeds | JD Supra
On April 30, 2020, the Internal Revenue Service (the “IRS”) released Notice 2020-32. The Notice sets forth the IRS’s position that no deduction is allowed for federal income tax purposes for any expense paid with loan proceeds that are received and forgiven under the Paycheck Protection Program (“PPP”), provided for by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
IRS Extends More Tax Deadlines In Notice 2020-23 | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Thousands Of Virtual Currency Owners May Be Subject To Back Taxes, Penalties, And Interest | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Tax Consequences of Cryptocurrency Transactions and Correcting Historical Noncompliance
Shutterstock, Rafal Pytel Compliance with the internal revenue laws relating to cryptocurrency is sorely deficient. As of Dec. 31, 2015, the market capitalization of cryptocurrencies was roughly $7 billion spread among 5.8 million active digital wallets, 34 percent of which (or 1.97 million wallets) were attributable to U.S.-based users.
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