2023 was a landmark year for cryptocurrency regulation, with several regulatory bodies vying for control over digital assets. What’s in store for 2024? The team at Gordon Law weighs in.
IRS Form 5471, “Information Return of U.S. Persons with Respect to Certain Foreign Corporations,” has complex filing requirements. Not sure whether you need to file or how to file? This guide breaks down what you need to know.
Are you wondering how to report crypto losses on your taxes–or whether you need to report at all? Experienced crypto tax lawyers have your answers!
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-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.
Pass-through taxation is common for small business owners or freelancers. Learn what pass-through income means and how to report it!
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 […]
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” […]
Imagine getting a tax refund for decades, only to discover that you now owe $7,000. That happened to Emily Kuroda, or as TV fans know her: Mrs. Kim from the “Gilmore Girls.” Recently, the actor opened up about how the new tax code decimated her finances. And she’s not the only one. Legions of American […]