IRS reminds taxpayers to report virtual currency transactions | Internal Revenue Service

Reporting Virtual Currency Transactions


Tax professionals should be aware that income from virtual currency transactions is reportable on income tax returns. Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 that addresses transactions in virtual currency, also known as digital currency.

The notice provides that virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency. Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest.

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Regulation and the Local Food Movement | The Regulatory Review

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The local food movement has been booming over the last several years. The number of farmers’ markets across the country has nearly doubled in the last decade, and a recent Pew Research Center poll found that a majority of people in the United States had bought locally grown produce in the previous month. The enormous interest in eating locally has even led to the coinage of a new word: locavore.

Local food production and consumption offer a variety of benefits, which two legal scholars, Patricia Salkin and Amy Lavine, discuss in a recent paper. Because of these purported benefits, Salkin and Lavine argue that local and state governments should follow the example of some of their peers and update their zoning and land use regulations to encourage more local food production.

Salkin and Lavine tout the advantages of “foodsheds”–geographic areas surrounding urban areas that can provide some of the food that city-dwellers consume. For instance, Salkin and Lavine point to potential environmental benefits: Small farms may use fewer chemicals and produce less waste than large industrial farms. And it requires much less fuel to transport produce to a nearby city than it does to transport produce across the country.

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Illinois and New York Pass First Statewide Bans on the Use of Elephants in Entertainment | Animal Legal Defense Fund

Posted by Nicole Pallotta, Academic Outreach Manager on November 17, 2017

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Soon after, Governor Andrew M. Cuomo signed New York’s SB 2098B, also known as the “Elephant Protection Act,” into law on October 19, 2017. It amends the state’s Agriculture and Markets Law and its Environmental Conservation Law to prohibit the use of elephants in entertainment acts. The New York law does not specifying “traveling” acts but expressly exempts accredited zoos and aquariums. It takes effect in two years.  In contrast to the Illinois law, which makes violation a Class A misdemeanor, the New York law provides a civil penalty of up to $1,000 for each violation because offenses against animals are not part of New York’s Penal Code.

The legislation was drafted by undergraduate students in Pace University’s Environmental Policy Clinic, who also lobbied for its passage and collected student signatures in support of the bill. Several New York chapters of the Student Animal Legal Defense Fund submitted letters in support of the bill to Governor Cuomo over the summer.

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DeVos rescinds 72 guidance documents outlining rights for disabled students – The Washington Post

By Moriah Balingit

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The Education Department has rescinded 72 policy documents that outline the rights of students with disabilities as part of the Trump administration’s effort to eliminate regulations it deems superfluous.

The Office of Special Education and Rehabilitative Services wrote in a newsletter Friday that it had “a total of 72 guidance documents that have been rescinded due to being outdated, unnecessary, or ineffective — 63 from the Office of Special Education Programs (OSEP) and 9 from the Rehabilitation Services Administration (RSA).” The documents, which fleshed out students’ rights under the Individuals with Disabilities Education Act and the Rehabilitation Act, were rescinded Oct. 2.

A spokeswoman for Education Secretary Betsy DeVos did not respond to requests for comment.

Advocates for students with disabilities were still reviewing the changes to determine their impact. Lindsay E. Jones, the chief policy and advocacy officer for the National Center for Learning Disabilities, said she was particularly concerned to see guidance documents outlining how schools could use federal money for special education removed.

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Immigration 2017 | Emergency Preparedness for Families

Free CLE Program and Webcast for NYSBA Members 

and Co-Sponsoring Organizations

 

During the Presidential campaign and post-election, President Donald J. Trump indicated that he would implement significant changes in U.S. immigration law centered on an “America First” platform. On January 25th and 27th, the President signed three executive orders “Enhancing Public Safety in the Interior of the United States,” “Border Security and Immigration Enforcement Improvements” and “Protecting the Nation from Foreign Terrorist Entry into the United States.” The executive orders led to litigation in several federal district courts nationwide.

 

This panel will address a few of these sweeping immigration changes, their impact on families currently residing in the United States and in what capacity the legal profession may be able to meet the needs of immigrant families proactively through family safety planning. Panelists will discuss how to walk a family through a safety plan in a way that will maximize its effectiveness and provide an overview of various custodial and guardianship arrangements for children, both temporary and permanent.  Efforts by legal services providers and the private bar to meet the challenges immigrants face in this new environment will also be discussed.

 

If you are unable to attend in person, this program will also be recorded and streamed as a live webcast.

 

Program Topics

Overview of Drastic Immigration Changes that Impact Families 

Increased Need for Legal Representation in the Face of these Changes

 

Click Here to View the Program Agenda 

 

Program Panelists

Honorable Anthony McGinty | Ulster County Family Court

Deborah S. Kearns, Esq. | Albany County Surrogate’s Court

Sarah Rogerson, Esq. | Albany Law School

Alima M. Atoui, Esq. | Albany County Surrogate’s Court

Gerard Wallace, Esq. | Director, NYS Kinship Navigator 

Click Here to Learn More about the Program Panelists 

Wednesday, April 12, 2017  

3:00 p.m. – 5:00 p.m.

 

New York State Bar Center

One Elk Street | Great Hall | Albany, NY

2.0 MCLE Credits in Professional Practice

This is a transitional program suitable for newly admitted and experienced attorneys.

 

Learn More and Register Today  

www.nysba.org/EmergencyPreparedness2017 

 

Presented by the New York State Bar Association Committee on Children and the  

Law in conjunction with The Legal Project – Capital District Women’s Bar Association,  

Third Judicial District Gender Fairness Committee,  Liberty Defense Project,  Albany County Bar Association,  Empire Justice Center,  Albany Law School, NYSBA  President’s Committee on Access to Justice, NYSBA Committee on Immigration Representation, NSYBA Committee on Legal Aid, and the NYSBA Committee on Continuing Legal Education.

Alaska law tells divorce judges to consider well-being of pets–ABA Journal

BY DEBRA CASSENS WEISS

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The law (PDF), which amended Alaska’s divorce statutes, “is making waves in the world of animal law,” the Washington Postreports. The law is the first in the nation to require courts to consider pets’ well-being in divorce, according to USA Today.

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Cuomo Vetoes Bill for State Takeover of Indigent Criminal Defense Costs | New York Law Journal

Joel Stashenko, New York Law Journal

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The governor said in his veto message that the measure, which provided for a phased-in, seven-year state takeover of indigent criminal legal defense costs now paid by New York City and counties outside the city, was too expensive. He contended it could obligate the state to pick more than $800 million each year when fully implemented. READ MORE »

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