The U.S. Tax Court and the First Circuit recently reached opposite conclusions in two similar cases on the taxability of individual retirement account contributions, but the Tax Court may be hard-pressed to follow the appellate court’s more taxpayer-friendly decision if it means weakening an important tool for the Internal Revenue Service to enforce tax laws.
Bryan C. Skarlatos chaired the program "Nuts And Bolts Of Tax Penalties 2018: A Primer On The Standards, Procedures & Defenses Relating To Civil & Criminal Tax Penalties" at the 2018 Practising Law Institute (PLI)
This one-day seminar was a unique opportunity to review the various tax penalties that can be imposed, the standards and transactions that can trigger penalties and sanctions, the procedures the Internal Revenue Service must follow to assess penalties and the defenses that can be asserted.
Pay your taxes on bitcoin…or else.
Late last year, the Internal Revenue Service persuaded a federal judge to require Coinbase, a San Francisco-based digital-currency wallet and platform with about 20 million customers, to turn over customer information. Driving the IRS’s decision was its belief that few bitcoin investors appear to be paying taxes due on sales. The court order is one of the agency’s first moves as it clamps down on cryptocurrency scofflaws.
Bryan C. Skarlatos quoted in "Washington Is Trying to Regulate Bitcoin. These People Are Trying to Stop It", Fortune
Cryptocurrency surged this year as bitcoin enthusiasts struck it rich. Bryan C. Skarlatos lends his expertise to the matter in the article "Washington is Trying to Regulate Bitcoin. These People Are Trying to Stop It." With bitcoin skyrocketing past $17,000 this year there are rising concerns that there is not enough regulation surrounding cryptocurrency. In an excerpt from the article:
"The IRS classified digital currency as property in 2014, meaning transactions are subject to capital gains tax. Using bitcoin or other virtual currency to purchase goods and services is considered exchanging property, and all the transactions must be tracked for gains and losses, said Bryan Skarlatos, a tax attorney at Kostelanetz & Fink LLP who has lectured and written about bitcoin."
Bryan C. Skarlatos moderated a panel titled "How Far Can You Go? Ethical And Penalty Issues In Everyday Tax Practice" at the 76th Institute on Federal Taxation in San Francisco
The 76th Institute on Federal Taxation addressed all major areas of taxation and is designed for the practitioner who must frequently anticipate and handle federal tax matters. Nationally recognized experts guided attendees through in-depth general sessions and panel discussions that covered the most advanced tax issues.