A Crypto Lawyer and CPA’s Predictions for 2024
2023 was a landmark year for cryptocurrency regulation, with several regulatory bodies vying for control over digital assets. What’s in store for 2024? The team at Gordon Law weighs in.
Search Results for: tax cuts and jobs act
Form 5471 Overview: Who, What, and How
IRS Form 5471, “Information Return of U.S. Persons with Respect to Certain Foreign Corporations,” has complex filing requirements. Not sure whether you need to file or how to file? This guide breaks down what you need to know.
Reporting Crypto Losses on Taxes: 5 Things You Need to Know
Are you wondering how to report crypto losses on your taxes–or whether you need to report at all? Experienced crypto tax lawyers have your answers!
New IRS Guidance: Claiming Tax Losses for Worthless Cryptocurrency
In a recent Chief Counsel Advice, the Internal Revenue Service (IRS) addressed the applicability of I.R.C. Section 165 to cryptocurrency that has declined in value. The advice concluded that an individual, who owns cryptocurrency that has substantially declined in value, can deduct the loss under Section 165, since it would be an itemized expense disallowed by the Tax Cuts and Jobs Acts (TCJA).
Self-Employed Tax Returns
Self-employment can bring many advantages, and preparing for tax season is a crucial part of financial management when you’re your own boss. Self-employed individuals are required to pay self-employment tax in addition to income tax.
What Is Pass-Through Taxation?
Pass-through taxation is common for small business owners or freelancers. Learn what pass-through income means and how to report it!
Crypto Tax: IRS Says Like-Kind Never Applied To Crypto
Big crypto tax news spilled out of a recent CPA conference: the IRS doesn’t think like-kind standards ever applied to cryptocurrencies. Let’s jump in. Background: Crypto Like-Kind Exchanges Like-kind exchanges allow taxpayers to defer capital gains taxes if said gains are reinvested into a similar property. For example: Let’s say an art collector named “Jane” […]
Six Money-Saving Tax Tips for the Self-Employed
Self-employed people and freelancers are leaving money on the table by not maximizing allowable tax deductions. Let’s fix that. Self-Employed Tax Saving Tip #1: Work Retirement Options Self-employed people must pony up Medicare, Social Security and income taxes. However, they have more retirement savings options at their disposal, including: Simplified Employee Pensions; Employee Incentive Match […]
Here’s How To Eradicate Capital Gains Tax Burden: OZ Program
Have you heard about the new way to eliminate capital gains taxes while helping under-served communities revitalize? It’s called the Qualified Opportunity Zone (OZ) program. What is the Opportunity Zone Program? Policy makers conceived of the OZ program as a win-win proposition that would give individuals and businesses a way to reduce tax burdens while […]