Posts Tagged ‘IRS update’
The Hidden Tax Consequences of Cryptocurrency
You may recognize the name Bitcoin and maybe even Ethereum, but what about Litecoin, Dogecoin or Ripple? These are just some of the more than 4,500 cryptocurrencies available today. There are hidden tax complications, however, associated with every cryptocurrency transaction. Here’s what you need to know. Every transaction has a tax consequence. The IRS treats cryptocurrency…
Read MoreCongress Passes Tax “Extender” Legislation
Dana McGuffin CPA is excited to share with you that once again, Congress has arrived at a consensus to pass a tax bill – the tax extender legislation called “Protecting Americans from Tax Hikes (PATH) Act of 2015” – at the end of December, 2015! The good news is that the beneficial tax provisions we have…
Read MoreIRS Raises the De Minimis Safe Harbor Threshold
You may remember the fiasco at the beginning of 2015 with the implementation of the new capitalization regulations and how we received revised procedures every 2-3 weeks. Well, after receiving many public comments, the Internal Revenue Service has made another change: to raise the de minimis safe harbor threshold, for taxpayers without audited financial statements,…
Read More