Posts Tagged ‘Cryptocurrency’
Cryptocurrency Rewards Included in Income When Taxpayer Gains Dominion and Control Over Rewards
At a glance Aprio offers expert advisory and tax planning assistance with crypto and digital assets. Contact our team today to start a conversation. The full story: The Internal Revenue Service (the “IRS”) has issued an advanced version of Rev. Rul. 2023-14, offering important general guidance on the tax treatment of cryptocurrency for cash-method taxpayers.…
Read MoreCould Two Common Financial Controls Have Prevented the Fall of FTX?
At a glance Schedule a consultation with Aprio today. The full story: FTX was more than just an apparently sound company. It was the foundation of the cryptocurrency industry. In two weeks’ time, it went from a multi-billion crypto exchange to a pile of ash. As the supernova that was Sam Bankman-Fried and FTX implodes,…
Read MoreThe Pulse on the Economy and Capital Markets: November 7 – 11, 2022
At a glance: Related resources: Disclosures Investment advisory services are offered by Aprio Wealth Management, LLC, a Securities and Exchange Commission Registered Investment Advisor. Opinions expressed are as of the current date (November 15th, 2022) and are subject to change without notice. Aprio Wealth Management, LLC shall not be responsible for any trading decisions, damages,…
Read MoreShould Your Business Launch an NFT?
At a glance Main takeaway: Non-fungible tokens (NFTs) are one of the many emerging technologies coming out of the growing blockchain industry. Impact on your business: As consumer interest in NFTs grows, so do their use cases and the benefits to companies looking to capitalize on this growing emerging market. Deciding whether or not an…
Read MoreThe Ethereum Merge is Almost Here – What You Need to Know
By: Emily Cheshire, Segment Leader, Cryptocurrency & Blockchain At a glance Schedule a consultation with Aprio today. The full story: 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. It will soon switch from a Proof of Work (PoW)…
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 Schedule a consultation today The full story: As its name implies, the United States Internal Revenue Code sets forth rules for how income is taxed in the U.S. Income is defined as “revenue received for goods or services, or from other sources, as rents or investments” or “the money, or amount 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 More