It’s supposed to be easy. Eventually, it is.
The U.S. Internal Revenue Service (IRS) released a statement on Friday that an operation targeting those who traded or bought more than $20,000 worth of Bitcoin between the years of 2013 and 2015. A warning letter have been sent, or will be sent, to each individual that are in this list, strongly advising that those who may not have reported taxes properly or even filed at all to amend their taxes as soon as possible.
If you’re an entrepreneur, you understand the importance of managing the administrative side of your business. You also know how much of a pain it is (and the time it consumes) to ensure that you stay on track.
Cryptocurrency or virtual currency is now a significant player in the financial market. As a result, several challenging legal and regulatory questions have been raised globally.
This is the year of NFTs... and next year will be the year of paying taxes on NFTs! Let's deep dive on how to calculate our capital gain from trading NFTs.
As a basic instinct of human nature, we explore various investment opportunities and financial vehicles to grow our investments. Cryptocurrency trading is a fairly young market and there are a lot of gray areas one needs to be aware before jumping into it.
New tech platforms let you invest in everything from whiskey to watches - but beware of these risks.
For anyone involved in the world of cryptocurrency, it’s been an interesting few years. Many early investors saw their chosen currencies explode in value, and then plunge soon after that. Throughout the roller coaster ride, regulators and government agencies struggled to make sense of what the crypto market actually was, how it was to be regulated, and which existing legal structures might apply.
IRS has provided updated guidance. Here is our comprehensive analysis of the guidance, steps by the IRS in educating users about cryptocurrency, laws around it and forms necessary to file cryptocurrency taxes.
What do you think crypto investors spend most of their time on? Straight away, images of deep technical analysis come to mind, or perhaps laborious market research at two o’clock in the morning. But, you might be surprised to know that the front runners are studying up-to-date tax laws, digging out documentation for banks looking to make sure that there’s no money laundering or terrorist financing taking place behind the curtain.
Although nonprofits and social enterprises have quite a few overlaps, they are not the same thing. Find out the key differences.
Preparing for income taxes and understanding what happens with your cryptocurrency in the process.
Income is taxed differently than investment proceeds, which are subject to capital gains tax, so it is important to know the differences between each tax type.
Payroll taxes are in the news. President Donald Trump said he wanted to defer the collection of employee portion of the Social Security portion of the payroll tax in order to provide pandemic-related economic relief to workers. The Congress didn’t agree, so he issued an executive order to do just that on August 13. Much is unclear about how his order is supposed to work, and there are questions about whether it is legal.
Editor's note: On April 23, Congress allocated an additional $370 billion for nonprofits and small businesses under the CARES Act: $310 billion for the Paycheck Protection Program (PPP), and $60 billion for Emergency Economic Injury Disaster Loans (EIDL).
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