In a recent development, the Internal Revenue Service (IRS) has issued Notice 2023-27, which announces its intention to provide guidance on the treatment of specific nonfungible tokens (NFTs) as collectibles under ยง408(m) of the Internal Revenue Code. This treatment is relevant for other purposes of the Code, including the long-term capital gains tax rate under […]
Unravel the complexities of S-Corp compensation with a closer look at the Bidens’ financial practices, as we discuss determining reasonable salaries for business owners and the importance of compliance.
When it comes to taking a loss on a business activity for tax purposes, it’s important to understand that the activity must be engaged in as a for-profit venture, with a profit motive behind it. However, some wealthy individuals try to use hobbies as a way to create abusive tax shelters, running a fake business […]
Without a realization event, nothing has happened.
Varying state rules create confusion.
As part of the negotiations around the “Recovering America’s Wildlife Act” currently making its way through Congress, lawmakers are taking aim at the wash sale rules that currently don’t apply to crypto losses as a means to fund the bill.