Posts Tagged ‘Cryptocurrency’
The Ethereum Merge is Almost Here – What You Need to Know
By: Emily Cheshire, Segment Leader, Cryptocurrency & Blockchain At a glance Main takeaway: Ethereum, the second-largest cryptocurrency, is about to undergo a historic and highly anticipated upgrade to the fundamentals of how transactions on the blockchain are verified. Impact on your business: Energy consumption, processing speed and fees are all expected to improve. Users are…
Read MoreGovernment Regulation of Cryptocurrencies and Other Digital Assets
At a glance Main takeaway: President Biden signed an Executive Order outlining a whole-of-government approach to ensure responsible development and use of cryptocurrencies. The Order adds to changes announced last year regarding Form 8300 and 1099-B reporting. Impact on your business: Updated CRS definitions, including that of Depository Account, now include accounts that hold specific…
Read MoreThe Pulse on the Economy and Capital Markets: Feb 7 – 11, 2022
At a glance: Stock markets grew weaker due to the rise of inflation, the Fed raising interest rates to counteract inflation and geopolitical issues taking place in Ukraine. Inflation was hotter than expected with sticky inflation reaching multi-decade highs. Consumers are feeling disheartened by the acceleration in sticky inflation and as a result expect their…
Read MoreDigital Asset Staking: Your Top Tax Questions, Answered
At a glance The main takeaway: A U.S. District Court case out of Tennessee calls into question the taxability of staking rewards — specifically, whether those rewards generate taxable income. Impact on your business: Taxpayers who engage in staking, mining or similar activities currently operate in a tax “limbo,” but that may change with the development of…
Read MoreThe Pulse on the Economy and Capital Markets: Jan 10 – Jan 14, 2022
At a glance: The markets switched things up last week as U.S. stocks declined and international stocks rebounded. In contrast, emerging markets held strong despite the decline in the U.S. dollar and increase in commodity costs. The consumer price index (CPI) reached its highest reading in more than 30 years. Markets are expecting the Federal…
Read MoreThe Pulse on the Economy and Capital Markets: Dec 27 – Dec 31, 2021
At a glance: Overall, the U.S. performed well as stock markets closed out 2021 strong and leading economic indicators are pointing to global growth. While stocks outperformed in 2021, bonds had a rough year due to inflation trending higher than expected. Despite continued supply chain challenges and the rise in Omicron cases, U.S. manufacturers and…
Read More5 Ways to Close the Labor Gap in Cybersecurity
At a glance Job security growing pains: With the increase of daily cyberattacks, cybersecurity jobs have become more challenging as pressure and demands rise. Root of the issue: Technology professionals are in the driver’s seat and are seeking remote opportunities with more flexibility. Next steps: Organizations need to modernize their working models and perks to keep and attract…
Read MoreIRS Launches New Quality Review Tool for Form 1042-S
At a glance The main takeaway: The Internal Revenue Service’s new quality review tool for Form 1042-S will help withholding agents comply with reporting responsibilities regarding Form 1042-S. Impact on your business: Withholding agents, in general, must file an information return on Form 1042-S to report amounts paid from U.S. sources to foreign persons. Next steps: Aprio’s team…
Read MoreBig Changes for the Crypto World Part 1: How the Infrastructure Investment and Jobs Act will Impact Cryptocurrency
At a glance The main takeaway: The Infrastructure Investment Jobs Act was passed by Congress on November 5, 2021 and was signed by President Biden on November 15, 2021. The bill has some provisions which have the crypto world buzzing. Impact on you and your business: Those who deal in cryptocurrency will be required to report many…
Read MoreBig Changes for the Crypto World Part 2: How the Proposed Provisions in the Build Back Better Act will Impact Cryptocurrency
At a glance The main takeaway: The Build Back Better Act continues to be debated by the Senate. This bill also has some major provisions which have the crypto world buzzing. Impact on you and your business: Those who deal in cryptocurrency could lose the ability to skirt the Wash and Constructive Sale Rules if this bill…
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