Reading Time: 5 minutes Regulating and taxing cryptocurrency is a gray area: it’s not treated as currency for tax purposes, yet it can purchase assets; it’s not regulated by the SEC, yet it can be traded and exchanged at set values. Several major companies accept it...
Reading Time: 2 minutes As cryptocurrency continues to gain popularity in the markets, many Texas businesses and individuals have become interested in the new digital currency. This year, 2021, has been a breakout year for performance featuring a market cap that...
Reading Time: 5 minutes Non-fungible tokens (NFTs), first introduced in 2014, have exploded in popularity over the last two years in part because of the concurrent rise of cryptocurrency. These “one of a kind” digital assets can be bought and sold, but they do not...
Reading Time: 5 minutes As of the date of publication, the global value of cryptocurrency is hovering near $2 trillion, a 700 percent increase from the same time a year ago. The rapid increase is attributed to many factors, not the least of which are corporate and...
Reading Time: 2 minutes For the 2021 tax year only, the Child Tax Credit rises to $3,600 per child for ages 5 and under and $3,000 for children ages 6-17. Qualifying taxpayers will receive total advance payments equal to half of these credit amounts per the following...
Reading Time: 3 minutes Many tax incentives resulted from the Tax Cuts and Jobs Act (“TCJA”). Now we are faced with the very real possibility that some temporary extenders are set to lapse. Calvetti Ferguson has provided a summary to help identify which ones are...
Reading Time: 2 minutes Although the tax extension of the federal income tax filing and other tax deadlines for individuals has been extended to May 17, 2021, the Internal Revenue Service (IRS) wants to remind U.S. citizens, resident aliens, and any domestic legal...
Reading Time: 3 minutes Report of Foreign Bank and Financial Accounts (FBAR) Many individual and business taxpayers are often surprised to learn they are required to report certain financial account holdings held outside the U.S. Citizens, residents, expatriates,...
Reading Time: 4 minutes The original U.S. tax deadline (before extensions) for individuals has been historically set in stone as April 15th. If that day is over the weekend, it gets pushed to the next business day. As a reminder, the filing deadline is typically the...
Reading Time: 3 minutes As our economy becomes more global, even for smaller companies, it is quite possible that a business owner may find it necessary to send certain employees on long-term assignments to perform work. Sometimes these assignments are permanent or...
Reading Time: 3 minutes Updated 11/06/20 COVID-19 is changing our daily lives in terms of medical safety and how we conduct business. At Calvetti Ferguson, many of our clients have reached out with questions about their businesses, since after all, businesses pay...
Reading Time: 3 minutes COVID-19 Tax Planning Update We are hearing this question more and more now that the CARES Act has passed—are there other tax planning items to examine to minimize the amount of paperwork? Section 163(j) received a major overhaul with the 2017...
