As the cryptocurrency market continues to grow the IRS has increased its efforts to increase cryptocurrency tax compliance. If you have bought cryptocurrency or are interested in buying there are a few things you should know regarding cryptocurrency taxation. What is Cryptocurrency? Cryptocurrency is a virtual currency that uses crypto technology to secure payment online.…
On September 13th, the House Ways And Means Committee approved tax provisions that will be part of the Build Back Better Act which may be effective as of January 1, 2022. The proposed legislation scales back on key tax proposals set forth in Biden’s American Families Plan. Although there is uncertainty about which proposals will…
The Consolidated Appropriations Act, also known as CAA or the “Act”, was signed into law on December 27th to give critical aid to individuals and businesses affected by the pandemic. The new $900 stimulus package provides direct payments to individuals, enhanced unemployment, rental assistance, targeted aid for small businesses, and much more. Here we take…
The Tax Cuts and Jobs Act introduced a non-corporate tax deduction called Section 199A Qualified Business Income (QBI) Deduction to incentivize taxpayers to set-up businesses as pass-through entities. The QBI deduction provides taxpayers a deduction of up to 20% of their qualified business income (net profit) from a pass-through entity for tax years 2018 to…