News Article

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 […]

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