Posts Tagged ‘Cryptocurrency’
5 Ways to Close the Labor Gap in Cybersecurity
At a glance Schedule a free consultation today! The full story: In 2020, there was a massive shift to everyone’s daily life as working remotely was no longer an added job perk, but a reality for nearly every industry. As the world adapts to a new way of working, the sheer volume of daily cyberattacksgrows. Cybersecurity…
Read MoreIRS Launches New Quality Review Tool for Form 1042-S
At a glance Schedule a consultation with Aprio today. The full story: On November 16, the Internal Revenue Service (IRS) launched Form 1042-S Data Integrity, a new online tool to assist U.S. withholding agents in complying with their reporting and withholding responsibilities regarding Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. The software program…
Read MoreBig Changes for the Crypto World Part 1: How the Infrastructure Investment and Jobs Act will Impact Cryptocurrency
At a glance Schedule a consultation with Aprio today. The full story: What does cryptocurrency have to do with infrastructure? Not much, other than the fact that it plays a role in how Congress intends to pay for the infrastructure bill. There are two primary reporting requirements which concern the crypto industry: IRS Forms 1099-B…
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 Schedule a consultation with Aprio today. The full story: The proposed Build Back Better Act (BBBA) includes legislative text that will have significant impacts on the cryptocurrency world. There are two huge provisions within this act which will transform how gains and losses are managed in the world of investing in digital…
Read MoreInfrastructure Investment Jobs Act and Build Back Better Act: What’s in these Bills and the Impact on You and Your Business
At a glance: The Infrastructure Investment Jobs Act passed by Congress on November 5, 2021 has been sent to President Biden to sign. Learn about the incentives included and how they may benefit you and who will pay for the benefits. Learn about the new crypto filing requirements that will impact everyone involved in investing…
Read MoreBefore Offering Cryptocurrency as a Payment Option, There Are Pros and Cons to Consider
At a glance Schedule a free consultation with our team The full story: You don’t have to be an expert in the market to know that cryptocurrency has been increasing in popularity across the globe for the last several years. After the runup in prices that took place in early 2021, more investors, consumers, vendors…
Read MoreDOJ Announces National Cryptocurrency Enforcement Team
At a glance Learn more by scheduling a free consultation. The full story: The US Department of Justice announced the creation of the National Cryptocurrency Enforcement Team (NCET) to investigate and prosecute cryptocurrency-related crimes, misuses and recover the illicit proceeds from these crimes. The NCET will handle complex “crimes committed by virtual currency exchanges, mixing…
Read MoreIRS Addresses Bitcoin Cash Fork, Four Years Later
At a glance: IRS announcement: In line with previous announcements, the IRS reiterated their position that taxpayers who received Bitcoin Cash following the hard fork in 2017 must report the value as taxable income. What it means: Cryptocurrency investors need to be diligent in reporting all virtual currency transactions (including the receipt of newly created…
Read MoreAre Virtual Currency Airdrops Really Taxable? IRS Clarifies New Tax & Reporting Requirements
The IRS released a memo on August 28, 2020, as part of an ongoing campaign to provide clarity on the taxability of virtual currency, this time focusing on whether cryptocurrency earned from microtasking is taxable income. While Aprio has been advising for years that most airdrops are taxable, spoiler alert: the IRS says yes, airdrops…
Read MoreIRS Releases New Guidance on Taxability for Certain Virtual Currency Transactions
Pay close attention, cryptocurrency investors: on Oct. 9, 2019, the IRS issued Revenue Ruling 2019-24 and 43 Questions and Answers, the first new guidance since 2014 on the taxability for certain virtual currency transactions. While the Revenue Ruling focuses on how to treat hard forks and airdrops, the 43 Questions and Answers deal with a…
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