FTX Group, also officially referred to as FTX Trading Ltd., is a cryptocurrency company that is currently in the process of bankruptcy proceedings. In addition to previously operating as a cryptocurrency exchange, it was also a crypto hedge fund. It was originally founded in 2019 and hit its stride just a few years later in 2021. At one point, it had over a million [...]
Article Highlights Family Member Transactions Renting to a Relative Below-Market Loans Transferring Home Titles Gifts Basis Life Estate Incorrect Withholding Child Files Incorrect Return When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each. Renting to a Relative When a taxpayer [...]
Article Highlights: Schedule K-2 and K-3 Filing Requirements Background Fast Forward to the Present Domestic Entity K-2/K-3 Filing Exception Partner or Shareholder Notification Where You Play a Role Form 1116 — Foreign Tax Credit Filing Exception Form 1116 Exception Entity Notification There is an important issue related to filing the 2022 S-corporation (Form 1120-S) and partnership (Form 1065) tax returns that requires the cooperation [...]
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