U.S. Taxation of Convertible Virtual Currency – It is not a Myth!

There is a pervasive myth that virtual currency exists in a regulatory vacuum – but the Internal Revenue Service (the “IRS”), the U.S. Securities and Exchange Commission (the “SEC”), the U.S. Financial Crimes Enforcement Network (“FinCEN”), the Commodity Futures Trading Commission, and multiple state legislatures and regulators (e.g., blue sky laws, money services business regulations) […]

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Death, Taxes, Insurance, Oh My!

At some point, death, taxes and insurance are inevitable. But what happens when insurance intersects with taxes?  If you suffer some type of property loss and you receive insurance proceeds, is that benefit taxable? The Internal Revenue Code provides that an individual can generally deduct “losses of property not connected with a trade or business […]

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Pressure’s Building on South Florida’s Urban (Re)Development

Here in South Florida, we are blessed with superb weather, beautiful beaches and a variety of ethnicities and cultures. For these reasons, more and more people flock southward every year; many stay and become residents. With an economy buoyed by tourist dollars and the taxes generated by the hospitality industry, as well as lofty real […]

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Make Sure to File Entity Classification Election if Non-Default Tax Status Desired

The “check-the-box” regulations promulgated years ago by the U.S. Treasury Department allow an eligible business entity such as a limited liability company (“LLC”) to elect its classification for Federal income tax purposes (“Entity Classification Election”). An LLC with a single owner may elect to be taxed either as a corporation or as a disregarded entity […]

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When a Tax Is Good for the Environment

On November 8th, Broward County voters will be the next group of Florida residents to consider a one penny sales tax increase to fund transportation and infrastructure. While no one likes the idea of paying more taxes, anyone who has driven in South Florida can appreciate the need for transportation improvements.  The referendum is known […]

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Proposed Regulations Target Elimination of Valuation Discounts for Intra-Family Transfers

The Internal Revenue Service recently issued Proposed Regulations that could have a dramatic impact on estate planning and the succession of interests in family-controlled entities between family members by eliminating or severely restricting the availability of valuation discounts in connection with a variety of estate planning strategies. These discounts are frequently used to reduce estate […]

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