News Article

April 1, 2022 is the last day for taxpayers who turned 72 in 2021 to begin taking required minimum distributions (RMD) from a retirement account or plan. RMD rules apply to traditional SEP and SIMPLE IRAs, 401(k), 403(b) and 457(b) but not Roth IRA and only after you stopped working.

New Cryptocurrency Tax Reporting Requirements Effective after December 31, 2023 The recently passed Infrastructure Act includes two amendments to the Internal Revenue Code that will make it easier for the IRS to identify and attribute cryptocurrency transactions to taxpayers.  First, the definition of a broker that is required to file information returns is expanded now […]

In recent meetings of the G7, G20 and concurred by all 139 members of the Organization for Economic Co-operation and Development (OECD) were endorsements of the key elements of Pillar One and Pillar Two. What is Pillar One and Pillar Two? The OECD sought to address worldwide fundamental taxation issues and issued this framework.  Pillar […]

Explaining Crypto

IRS treats cryptocurrency as property and subject to capital gain and loss rules.  Holding periods of a year or longer have long term capital gain and loss rules and less than one year have short term gains and loss rules. Receipt of cryptocurrency for goods and services is ordinary income. Donation to a charitable organization […]

Casualty Losses Relative to Covid-19 Pandemic The general rule for deducting losses that are not compensated by insurance is covered in the Internal Revenue Code Sec.165. That code section explains that losses from events such as fire, storm, casualty, theft, worthlessness of stock, abandonment of property or a declared disaster would result in a tax […]

Unclaimed Property? Unclaimed (or escheated) Property is money or tangible assets that belong to you but are viewed as abandoned because there’s been no activity or contact by you for a year or more (dormancy period). What happens to unclaimed property? If unclaimed, the funds or property are turned over to the state of the […]

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Cayman Islands Office

RANKIN BERKOWER (CAYMAN) LTD
One Capital Place Building, 3rd Floor
136 Shedden Rd, George Town
P.O. Box 30349
Grand Cayman, KY1-1201
Cayman Islands

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