Month: February 2015

By of MillarLaw A Professional Corporation On Sunday, February 22, 2015

The use of Bitcoin has both legal and potentially illegal applications. Bitcoin is just a contemporary version of the Informal Value Transfer System, (“IVTS”) which in some countries is known as the Hawala. The IVTS has been used for international money transfers according to the Financial Crimes Enforcement Network (FinCen) for the following reasons: “IVTS-type … Continue reading How Not to Use Bitcoin

By of MillarLaw A Professional Corporation On Saturday, February 7, 2015

What happens when a taxpayer operates a cash based business and lacks adequate books and records according to the IRS? The IRS can use any reasonable method to reconstruct the taxpayers income and expenses. (See, Estate of Rodrigo F. Fenta, et al. v. Commissioner, TC Summary Opinion 2015-4 ) In the opinion the court states … Continue reading Cash Based Business? Have Good Books and Records