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) […]
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 […]
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 §408(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.