Tax Law News and Insights

The US Internal Revenue Service (IRS) released Notice 2024-78 ("Notice") in October 2024, which provides an extension of and additional temporary relief procedures for certain foreign financial institutions (FFIs) resident in eligible Model 1 intergovernmental agreement (IGA) jurisdictions with respect to an FFI's obligation to report US taxpayer identification numbers...

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At the end of 2025, the federal estate and gift tax exemption will dramatically decrease unless Congress affirmatively passes a law saying otherwise. This event is the "sunsetting" of a 2018 federal tax law and is leading many people to engage in wealth transfer planning now. Understanding the history of...

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On September 12, 2024, the U.S. Department of Justice ("DOJ") announced that Frank Richard Ahlgren III pleaded guilty to filing a false tax return underreporting gains from selling $3.7 million in Bitcoin. As we discussed here, USA v. Ahlgren was the first crypto case with tax evasion allegations unrelated to another crime; it is now...

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