We’ve discussed bitcoin and other cryptocurrency taxation often in recent posts. Given the IRS’ recent tax collection efforts regarding cryptocurrency, this makes perfect sense. Cryptocurrency appears to be here to stay, although it seems very likely that we will see more fluctuations in its value in the near future. But the fact that it’s here […]
Tax season has arrived, and one of the big topics on every taxpayer’s mind is how to spend their 2020 income tax refund. Every year, millions of Americans rely on their tax refund check as their principal source of non-recurring income. Many Americans rely on their tax refund for important purchases, such as vacations, and […]
In New York, residency for taxation purposes is inferred based on behaviors of an individual in any given tax year. Residency does not exclusively hinge on a person’s official “status” as either a NY state resident or nonresident. In other words, a taxpayer may be a “statutory” resident for tax purposes based on their actions. […]
A recent debate has emerged regarding the desirability of increasing New York’s tax on beer products. Any resultant tax increase will be used to fund various public projects, including education. The current New York State beer tax amounts to a lowly 14 cents per gallon. That’s among the lowest in the nation. In a new […]
Cryptocurrency taxation came up recently again in the media when the IRS confirmed the tax treatment of cryptocurrency charitable contributions. Most laypeople have some idea of the rules regarding tax deductible charitable contributions. When you make a donation to a recognized charity, the donor may take a deduction for this contribution. The rules can get […]
A new bill in Congress may add significant clarity to the Federal regulation of cryptocurrency and other crypto-assets. This new bill, which was introduced by Arizona Congressman Paul Gosar, is called The Crypto-Currency Act of 2020. We’ve talked about the regulatory issues and challenges surrounding bitcoin and other cryptocurrencies previously on our blog. For instance, […]
For most Americans who are aware of it, bitcoin is a harmless curiosity. For some, bitcoin may potentially raise serious questions about bank security and the purpose of fiat currency. But for most, bitcoin isn’t considered a force to be reckoned with or seen as something which can cause major societal changes. This perception is actually […]
We’ve said before that the IRS will only continue to increase its crypto tax collection efforts on cryptocurrency gains. We now have concrete proof that this is in fact the case. On October 9, IRS guidance came in the form of IR-2019-167, which contains two important additions to the IRS enforcement of crypto tax. IR-2019-167 […]
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