2019-08-05 About That Bitcoin

Current Federal Tax Developments for the week of August 5, 2019: About that Bitcoin...

• IRS sends out 10,000 letters on cryptocurrency, including some demanding a response
• Relief granted on three bonus depreciation elections for year that includes September 28, 2017
• Draft Schedule K-1 for Form 1120S revised to change §199A information reporting
• Letter ruling holds a partial deduction allowed for DNA tests requested by an individual
• Organization not operated exclusively for charitable purpose, §501(c)(3) status revoked retroactively
  
  

Copyright 2019, Kaplan, Inc.