Tax Law News and Insights

On January 13, 2023, the Internal Revenue Service (IRS) released a Chief Counsel Advice Memorandum (CCA 202302011) concluding that taxpayers cannot claim a deduction for cryptocurrency losses that have, absent a sale or other taxable disposition, substantially declined in value if such cryptocurrency continues to trade on at least one...

Read More

In Short The Situation: A new nondeductible 1% excise tax imposed on certain stock repurchases (enacted as new section 4501 as part of the Inflation Reduction Act on August 12, 2022) (the "Stock Buy-back Excise Tax") went into effect on January 1, 2023. On December 27, 2022, Treasury issued Notice...

Read More

The Internal Revenue Services has announced the inflation-adjusted figures for estate, gift, and generation-skipping transfer ("GST") tax exemptions for 2023. The annual gift tax exclusion amount (i.e., the amount you can give each year to someone free of gift tax) is increased from $16,000 to $17,000 (or $34,000 for a...

Read More