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AUGUST 27, 2019
 
 
 
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In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

There is no log in to access the database and new articles are added hourly.
 
 
 
 
Beginning September 1, 2019, the IRS is expanding its retirement plan determination letter program to apply to certain individually designed statutory hybrid and merged plans. Employers sponsoring hybrid plans not previously reviewed by the IRS for required (or other) plan changes, and employers that have or will merge two or more of their plans together in connection with a corporate transaction, should consider taking advantage of this expanded determination letter program.  More on the IRS Retirement Plan Determination Letter Program Here>
 
 
 
Under the Fixing America's Surface Transportation (FAST) Act, the IRS can notify the State Department when taxpayers owe a seriously delinquent tax debt. If the IRS certifies a taxpayer's debt as "seriously delinquent" to the State Department, the State Department can deny the taxpayer's application for a passport or a renewal, or can revoke an existing passport. In addition, the IRS can request that the State Department consider revoking a US passport of a certified individual. If you have a seriously delinquent tax debt, you must act promptly to potentially avoid certification of your tax debt. More on Tax Debt and Passport Revocation Here>
 
 
 
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On August 9, 2019, the US Treasury Department published proposed regulations for the classification of “cloud transactions” and “transactions involving digital content” under the source of income rules of the Internal Revenue Code. The proposed regulations would amend existing regulations that were introduced in 1998, at a time when retail digital downloads were virtually non-existent and the commercial use of cloud computer technology was still in its early stages.  More On Proposed Tax Rules for Cloud and Digital Transactions Here> 
 
 
 
On July 26, 2019, the IRS announced that it was in the process of sending letters to over 10,000 taxpayers with a history of cryptocurrency transactions by the end of August, noting that the letters were sent to taxpayers who, “potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.” The announcement also notes that the IRS is heightening its scrutiny of cryptocurrency activity, including increased use of data analytics. However, guidance remains lacking on many key issues affecting the taxation of cryptocurrency transactions. More on IRS Crypotocurrency Transaction Letters Here>
 
 
 
 

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