News and Events

Under Section 1030 of the Internal Revenue Code, transactions that qualify as like-kind exchanges are eligible for tax deferral. As summarized by Internal Revenue Service (IRS), Section 1030, “allows you to postpone paying tax on the gain [from a sale] if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.” While cryptocurrency trades might seem like like-kind exchanges, a recent Memorandum from the IRS Office of Chief Counsel indicates that this isn’t necessarily the case. US International Tax Advisors, explains:

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) recently released its Annual Report for 2020. Despite the impacts of the COVID-19 pandemic, IRS CI still had a very busy year. The Annual Report sheds light on some of the agency’s current priorities and initiatives, and it makes clear that IRS CI will be continuing to aggressively target taxpayers in 2021. Here US International Tax Advisors discusses some of the most notable data from the report.