A Deep Dive into the IRS’s Decision on the Employee Retention Credit Program

Recently, the IRS made headlines by announcing a temporary halt in processing new claims related to the Employee Retention Credit (ERC) program. The reasoning? Rising concerns over improper claims. For the past 2+ years, we have seen many businesses being taken advantage of by so-called “ERC mills.” These are companies set up ostensibly to help […]

New IRS Regulations Propose Expanded Cryptocurrency Reporting Requirements

The IRS has proposed new regulations that would impose far-reaching reporting requirements on brokers of digital assets like cryptocurrency. The proposed rules aim to increase visibility into crypto transactions for tax compliance purposes. If finalized as proposed, the regulations would take effect starting in 2025. This post summarizes some of the key changes. Expanded Definition […]

Understanding IRS Guidelines on Charitable Contributions of Cryptocurrency 

Recently, the cryptocurrency space has grown exponentially, with digital assets becoming a significant part of the financial landscape. As this new financial realm continues to evolve, so does the need for clear tax guidance on various aspects of cryptocurrency transactions. One area of interest to many cryptocurrency holders is charitable contributions made using digital assets. […]

Digital Assets and Consensus Mechanism Changes – A Tax Perspective

As the world of digital assets continues to evolve, many investors and users of cryptocurrencies find themselves navigating the complexities of the tax landscape. One such complexity involves the tax implications of holding a cryptocurrency that undergoes a protocol upgrade, specifically a change in the consensus mechanism. This scenario describes the ETH merge (the Merge) […]

New Beneficial Ownership Reporting Requirements: What Every US Business Needs to Know

The Financial Crimes Enforcement Network (FinCEN) has recently introduced new reporting requirements for Beneficial Ownership Information (BOI), likely affecting nearly every business in the United States. These changes have raised many questions and concerns among business owners, who now must understand and comply with the updated regulations. In this blog post, we will explore the […]