- Wednesday, 26 March 2014 20:54
This week, the IRS released Notice 2014-21 regarding the treatment of Bitcoin and other similar cryptographic currencies (“cryptocurrencies”). The increased popularity of using cryptocurrencies to pay for goods or services necessitated that the IRS clarify its position as to their tax treatment.
- Wednesday, 26 March 2014 14:33
This week the Supreme Court decided the case of US vs. Quality Stores and reversed the 6th Circuit’s holding that severance payments made to terminated employees were not subject to FICA. Quality Stores had brought a case to obtain refunds for both the employer and employee shares of FICA on behalf of itself and some of its terminated employees (terminated as a part of the business going into bankruptcy). The Supreme Court held that severance payments made to terminated employees and not linked to the receipt of state unemployment benefits are considered to be remuneration for employment and are taxable wages under FICA (in line with the fact that they are also subject to income tax withholding).
- Wednesday, 05 March 2014 15:32
In August of last year I had commented on my interest in the Freedom from Religion Foundation’s challenge to the IRS’ selective enforcement (or, zero enforcement) of the prohibition on political activities against churches. The case is still ongoing, however in early February the Court did allow another party to join the suit.
- Tuesday, 18 February 2014 15:57
At the end of January, I wrote a blog post attempting to explain the IRS delays and pointing out the lack of information that then existed on their site. Since the writing of that post, the IRS has updated/provided more information:
- Tuesday, 28 January 2014 15:56
A normal exchange these days between me and my clients applying for tax-exempt status: Client: “Have you heard anything from the IRS?” Me: “Nope.”
If you have applied for tax-exempt status lately or are involved with an organization that has – you have had this conversation too. So what is going on??
****NOTE : This post was updated to reflect changes to the IRS site, comments on those changes can be found here. ****