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IRS provides details on April 15 postponement

TweetShareSharePin0 Shares On Monday, the IRS issued guidance with details on its postponement of the April 15 tax deadline for individuals (Notice 2021-21). The IRS had announced in a news release on March 17 that it was delaying the April 15 deadline for individuals until May 17, 2021. Monday’s notice clarifies and adds details about

US IRS Reminds Of FBAR Filing Obligation

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 15 April 2021 The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income tax filing due

US Tax Season Begins

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 22 February 2021 The Internal Revenue Service launched tax season for individuals on February 15, 2021, highlighting the various supports available for taxpayers when preparing their returns. Taxpayers have until Thursday, April 15, 2021, to file their 2020 tax return and pay any tax owed. The IRS

BVI Rules Out New Taxes In 2021 Budget

TweetShareSharePin0 Shares by Jason Gorringe, Tax-News.com, London 17 November 2020 The Government of the British Virgin Islands has announced that it will seek to boost tax collections by modernizing tax administration, not by imposing new taxes. In his 2021 Budget statement, Andrew Fahie, the territory’s Finance Minister, said: “The transition into e-Government will be

Cayman Tables Law For Digital Asset Business Regime

TweetShareSharePin0 Shares by Jason Gorringe, Tax-News.com, London 17 November 2020 The Government of the Cayman Islands has published legislation in its Official Gazette to introduce a regulatory regime for virtual asset service providers (VASPs). The Virtual Asset (Service Providers) Law, 2020 is intended to strengthen the Cayman Islands’ ability to regulate and attract persons

OECD Indicates New Focus On Virtual Currency Tax Issues

TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 20 October 2020 The OECD has released a new report on countries’ tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets. The report and announcement indicate that crypto assets will be a

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