The IRS has released an Office of Chief Counsel Advice memorandum concerning frozen digital asset rewards. In particular, the issue was about the year of inclusion of such rewards when the account is later frozen. In the memo, the facts were described as follows. The taxpayer received rewards related to staking (and other activities). The rewards were placed in the taxpayer’s account at a Digital Asset Platform (the “Platform”). For context, “staking” typically refers to when you earn rewards (often in the form of additional digital currency) for basically allowing the blockchain to use your digital asset. Staking is often…

In this episode of Tax Notes Talk, Tax Notes reporters recap some of the most memorable stories they encountered in 2024, from “pig butchering” scams to a denied late-filing excuse citing Christmas stress. Tax Notes Talk is a podcast produced by Tax Notes. This transcript has been edited for clarity. David D. Stewart: Happy holidays from Tax Notes. I’m David Stewart, editor in chief of Tax Notes Today International. As 2024 comes to an end, we’re continuing our annual tradition of ending the year with a few short stories that may be a little odd, or otherwise don’t work as…

IRS Forms 1099 for 2024 should arrive in January, reporting how much you were paid during the calendar year. Each Form 1099 is matched to your Social Security number, so the IRS can easily issue a tax bill if you fail to report one. If you don’t include the reported item, you should expect an audit or a tax notice about the amount reported on your Form 1099. But does that mean every Form 1099 is accurate? Not necessarily, Forms 1099 can be wrong, so check them carefully. Getting a transcript from the IRS is a useful way to double…

This past year wasn’t short on tax and accounting news impacting taxpayers and tax professionals alike. Here are my picks for the top tax and accounting storylines of 2024: The 2024 Election Season Presidential elections always attract attention, and this past year was no different. On November 6, the Associated Press announced that Donald Trump would return to the White House. Additionally, the Republicans won the Senate and the House. Some believe that the shift might immediately lead to tax cuts. While tax cuts may be in the cards, how quickly they get pushed through is uncertain, thanks to reconciliation.…

As we continue to march toward the potential sunset of the Tax Cuts & Jobs Act, with the corresponding implications that such sunset will essentially cut the estate tax exemption, gift tax exemption, and generation-skipping transfer tax exemption in half on January 1, 2026 without government intervention, the discussion of the “reciprocal trust doctrine” as it relates to advanced estate planning transactions has become much more commonplace in the private wealth planning area. In general, the reciprocal trust doctrine is a rule that attempts to prevent certain tax avoidance through the structuring of trusts that are interrelated and ultimately place…

The IRS published final regulations on information reporting obligations for certain DeFi participants and, on the same day, the Blockchain Association, Texas Blockchain Council, and DeFi Education Fund filed a lawsuit in the Northen District of Texas claiming violations of the Administrative Procedures Act and the U.S. Constitution. My previous article provided a summary of the DeFi trading front-end service providers targeted by the IRS and noted that the IRS specifically addressed “Constitutional Concerns” raised by commenters. These constitutional concerns are outlined in the Complaint (the “Complaint”) filed by the advocacy groups along with challenges to the scope of definitions…

Blake Lively’s lawsuit against Justin Baldoni has caused a media stir in Hollywood and beyond. Lively has alleged that Baldoni exhibited behavior that caused her severe emotional distress. The movie was supposed to conform to requirements including “no more showing nude videos or images of women to Blake, no more mention of Baldoni’s alleged previous ‘pornography addiction,’ no more discussions about sexual conquests in front of Blake and others, no further mentions of cast and crew’s genitalia, no more inquiries about Blake’s weight, and no further mention of Blake’s dead father.” Lively’s lawsuit says that Sony Pictures approved her requests,…

What Might Happen with Taxes in 2025? Taxes are a major topic for 2025. With many provisions from the Tax Cuts and Jobs Act (TCJA) set to expire on December 31, 2025, individuals and businesses alike are wondering how this will impact them. The truth is, no one knows for sure yet, but based on what President-elect Trump and Republican leaders are saying, we have clues about what to expect. How New Tax Laws Get Passed Before any new tax laws can take effect, they must go through three critical steps: 1. The House of Representatives: Republicans currently hold a…

This is a published version of our weekly Forbes Tax Breaks newsletter. You can sign-up to get Tax Breaks in your inbox here. I cannot believe that this week is nearly over. And I mean that in the very best and worst ways at the same time. Let me explain. First, I had a wonderful holiday week. After a long December, it was nice to stare at the lights and play a lot (and I mean a LOT) of Christmas music. And I was fortunate enough to have my kids home with me—there’s no better gift than that. I thought…

Every filing season, millions of taxpayers miss out on the opportunity to maximize their tax refunds—leaving billions of dollars in unclaimed tax credits and deductions on the table. Despite efforts by the IRS to educate taxpayers and streamline filing, a significant gap remains between what folks are eligible for and what they claim. This credits and deductions gap highlights the barriers many individuals and families face in navigating a complex tax system. In many cases these unclaimed benefits could make a meaningful difference in individual household budgets, more so for low- and moderate-income families. The problem spans multiple areas of…