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Join the Securities Litigation and Enforcement Group on LinkedInOhio Accepts Bitcoin for Tax Payments; In Other News, John Wick, Inc. Relocates to Cleveland | LinkedIn
Last week, bitcoin hit yet another milestone when Ohio began accepting bitcoin payments for taxes, the brainchild of its visionary State Treasurer, Josh Mandel, who apparently has ambitions to transform Ohio into a real-life version of John Wick’s Hotel Continental. Ohio’s accepting of bitcoin is a first for any U.S. government agency, and while perhaps a […]
Pay Taxes With Bitcoin? Ohio Says Sure – WSJ
Ohio appears set to become the first state to accept bitcoin for tax bills, a show of support for a technology that has garnered lots of hype but failed to gain traction as a form of payment. Beginning this week, Ohio businesses will be able to go to the website OhioCrypto.com and register to pay […]
Joe Nacchio’s insider trading gains aren’t tax deductible, court rules — Denver Bus. Journal
Joseph Nacchio, former Qwest CEO and convicted insider trader, can’t claim surrendered proceeds from illegal Qwest stock trades as a nearly $18 million tax deductible business expense, a federal appeals court ruled. The U.S Court of Appeals for the Federal Circuit reversed a lower court’s ruling and rejected Nacchio’s bid claim the large federal income […]
Madoff Victim’s Estate Not Entitled To Tax Refund on Worthless Asset — New Jersey Law Journal
An estate that paid taxes based on a Bernard Madoff investment account later found to be worthless is not eligible for a refund, a state appeals court held on Monday. Post-death circumstances bear on fair market value of an estate only when reasonably foreseeable at the time of death, and in 2006, no one suspected […]
IRS: Madoff Victims Can Deduct Up to 95% of Investment Loss
IRS Commissioner Douglas H. Shulman testified Tuesday before the Senate Finance Committee that according to new IRS guidelines, victims of Bernard Madoff’s Ponzi scheme will be able to deduct up to 95 percent of their investment loss. The guidelines cover victims of all Ponzi schemes, not just Madoff’s. Accounting Web reports that the IRS plan […]