Under a federal judge’s recent ruling, a New York City banking institution must produce records on U.S. customers of a digital asset trading platform who may owe tax on unreported crypto transactions. On September 21, the U.S. District Court for the Southern District of New York granted the IRS’s petition to summons M.Y. Safra Bank, […]
Archives for November 2022
Claiming R&D Credits Just Got More Complex
Research and development (R&D) tax credits have long been regarded as a critical support tool for U.S. small businesses and their innovation efforts, allowing them to deduct the cost of qualified research and innovation from their organization’s taxable income. But under new guidance from the IRS, they might not be so easy to claim when […]