New IRS Guidance: Claiming Tax Losses for Worthless Cryptocurrency

In a recent Chief Counsel Advice, the Internal Revenue Service (IRS) addressed the applicability of I.R.C. Section 165 to cryptocurrency that has declined in value. The advice concluded that an individual, who owns cryptocurrency that has substantially declined in value, can deduct the loss under Section 165, since it would be an itemized expense disallowed by the Tax Cuts and Jobs Acts (TCJA).

Self-Employed Tax Returns

Self-employment can bring many advantages, and preparing for tax season is a crucial part of financial management when you’re your own boss. Self-employed individuals are required to pay self-employment tax in addition to income tax.

Do These Things Right Now to Save on 2019 Taxes

It’s time to make last-minute moves to save on your 2019 taxes. Retirement Account Contributions Do you have a Roth or Traditional IRA to save for your retirement? United States taxpayers can put up to $6,000 a year into one of these vehicles and deduct the amount from their taxable income. Even better, you have […]

Crypto Tax: IRS Says Like-Kind Never Applied To Crypto

Big crypto tax news spilled out of a recent CPA conference: the IRS doesn’t think like-kind standards ever applied to cryptocurrencies. Let’s jump in. Background: Crypto Like-Kind Exchanges Like-kind exchanges allow taxpayers to defer capital gains taxes if said gains are reinvested into a similar property. For example: Let’s say an art collector named “Jane” […]