Archive

Tag Archives: IRS reporting

UPDATED: IRS Updates Final and Proposed Regulations Related to Foreign Gains and Losses Under Section 987 by Jairan Shirazi

View Jairan's Profile
Posted on December 23, 2024 by Jairan Shirazi

One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […]

IRS, U.S. Treasury Continue to Clamp Down on Cryptocurrency Reporting by Jonathan Menna, CPA

Posted on December 12, 2023 by

It has been nearly 10 years since the IRS first announced in Notice 2014-21, 2014-16 I.R.B 938 it would treat cryptocurrency as a capital asset for federal tax purposes, subject to the same general tax principles as other forms of property, including stocks and bonds. Two recent developments are significant in helping the agency crackdown […]