Note: This article originally appeared as part of CoinDesk’s Tax Week. Throughout 2022, the crypto economy has been in the throes of a bear market, which has taken a heavy toll on investors, platforms and protocols. While investors have watched the value of their holdings drop, there has been an uptick in failures at the […]
UPDATED 2/15/22 On the evening of February 2, news broke that the IRS had agreed to refund Joshua and Jessica Jarrett a little over $3,000 in taxes paid on Tezos (XTZ) staking rewards earned in 2019. The Jarretts filed suit against the IRS back in May 2021 in the Middle District of Tennessee after filing […]
As alternative asset classes move toward greater acceptance, many people have become interested in including non-traditional investments in their retirement planning. Self-directed IRAs (sdIRAs)have been available since the passage of ERISA in 1974, but recently there seems to be much more interest in them. This is no doubt the result of the recent crypto boom and more […]
Late Friday, the House passed the Infrastructure Investment and Jobs Act (download here). Tucked into the over 1,000 pages of legislation aimed at bolstering the US’s fledgling infrastructure, Congress also included some new information reporting requirements for crypto investors. Since we already went over the implications of the new reporting rules in a previous blog post, […]
There are a number of tax policy provisions in various stages of discussion in Congress. Relevant to crypto investors are the Infrastructure Bill which is currently sitting in the House of Representatives, and two bills aimed at retirement: the Securing a Strong Retirement Act in the House and the Retirement Security and Savings Act in […]
While the COVID-19 pandemic is finally slowing down, the economic damage that it caused lingers on. In order to relieve the financial burdens facing many taxpayers and accelerate recovery, Congress has passed the American Rescue Plan Act (the Act). The Act is a $1.9 trillion relief package that will affect millions of individuals and businesses. […]