The Washington Supreme Court is considering a petition for discretionary review of a court of appeals decision with significant implications for investors, investment funds, and the business community. Most Washington investors and investment funds do not pay business and occupation (B&O) tax on their investment income because of a statutory deduction for “amounts derived from investments.”

The IRS recently announced that it would end the Offshore Voluntary Disclosure Program (OVDP).

It is no secret that the value of many virtual currencies (in particular, cryptocurrencies such as Bitcoin) rose over the past year. The associated legal and tax challenges are less well-known but vitally important (at least for those looking to avoid potential criminal and civil penalties). As the April 15 tax deadline fast approaches, one of the most notable issues affecting holders of virtual currency is their tax reporting obligations.