IRS vs. Crypto: 5 Essential Tips to Avoid IRS Audits and Tax Penalties
Navigating the world of crypto taxes can be overwhelming, but the consequences of not doing it right can be even worse. The good news is
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Qualified Appraisals For Donated Crypto
For non-cash charitable contributions to a 501(c)(3) organization, taxpayers often need clarification about the rules and regulations surrounding the deductions they can claim on their taxes. One area of confusion is the requirement for a qualified appraisal for cryptocurrency contributions.
January 17, 2023
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).
January 17, 2023
Streamlined Domestic Offshore Procedures: Complete Guide 2023
SDOP is an IRS amnesty program for U.S. residents who have unreported foreign income.
January 15, 2023
Streamlined Foreign Offshore Procedures: Complete Guide 2023
SFOP is an IRS amnesty program for U.S. taxpayers with unreported offshore income. Successful applicants get all non-filing penalties waived!
January 15, 2023
Are Cryptocurrencies Foreign Assets Subject to FATCA and FBAR?
People often ask: Do Bitcoin and other digital tokens qualify as foreign assets under U.S. law? Answer: Not inherently. Cryptocurrency
January 13, 2023
FBAR Penalties: What Happens If You Don’t File the FBAR?
The FBAR, or Foreign Bank Account Report, is a form that must be filed annually by individuals who have foreign financial accounts with a total combined balance of $10,000 or more. Failure to file can result in significant FBAR penalties for individuals to understand their obligations and how to avoid penalties.
January 12, 2023
Taxes for Sellers Facebook Marketplace, eBay, and Etsy
Are you ready to take your e-commerce business to the next level? Well, you’ve come to the right place. This guide will give you a crash course on all the tax considerations and obligations for selling on eBay, Facebook Marketplace, and Etsy.
January 9, 2023
Easy Guide to NFT Taxes for 2023
Love them or hate them, NFTs are here to stay. Some only see a digital picture of an ape in human clothing. Others see an opportunity for creatives and artists to securely sell or trade with people all over the world via the blockchain. The NFT market has exploded over the last several years and shows no signs of letting up.
December 15, 2022
Crypto Tax-Loss Harvesting
If you’ve ever invested in crypto, then you know seeing the market plummet before your eyes can be a harsh reality. With so much volatility, crypto tax-loss harvesting can be a silver lining that helps save thousands of dollars when it comes time to pay Uncle Sam.
December 2, 2022
NIL Compliance: Do’s & Don’ts
NIL or name, image, and likeness have been a game changer for NCAA student-athletes. Recent changes to NCAA policies now allow college athletes to profit from their brand through endorsement deals.
November 23, 2022
Offshore Trust
Have you ever wondered what would happen to your wealth if you suddenly fell ill and could no longer work, or if the economy took a downturn and you lost most of your savings?
November 18, 2022
What Is Asset Protection?
Asset protection allows individuals and businesses to safeguard their valuable assets through various protection strategies. Creating wealth is not easy, so protecting it should be a top priority.
November 11, 2022