New Cryptocurrency Reporting Requirements

New Cryptocurrency Reporting Requirements

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...
DOJ Announces National Cryptocurrency Enforcement Team

DOJ Announces National Cryptocurrency Enforcement Team

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...
Key Cryptocurrency Tax Issues

Key Cryptocurrency Tax Issues

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...
Child Tax Credits Paid Up Front for 2021

Child Tax Credits Paid Up Front for 2021

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...
Planning for Expiring Tax Incentives for Businesses

Planning for Expiring Tax Incentives for Businesses

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...
Income Tax Obligations for Expats

Income Tax Obligations for Expats

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...
What Are the CARES Act’s Changes to Section 163(j)?

What Are the CARES Act’s Changes to Section 163(j)?

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...