12 results for tag: Cryptocurrency
$80 Billion to the IRS: What It Means for You
For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars.
It was something much more basic: a long-term budget commitment to help the struggling, failing IRS.
...the new funding will impact all taxpayers. The average taxpayer should benefit because the IRS will be able to upgrade its operations and improve its woeful levels of service
The Inflation Reduction Act invests an additional $80 billion in the IRS over the next 10 years. This is the biggest budget increase the IRS has ever received. To put this in perspective, it is ...
The IRS Wants to Know about Your Crypto
The IRS really wants to know about your Bitcoins and other Cryptos.
It starts at the top of the first page of your Form 1040, where you find the following question right after the spaces for your name and address:
At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?
At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?
All taxpayers must answer this question under penalty of perjury, even those who have never heard of Bitcoin and don’t know what cryptocurrency is. You can’t ...
Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency
Let’s start with this: You are not cheating when you use a loophole.
The Merriam-Webster dictionary defines “loophole” as a means of escape.
In its second definition of a loophole, Merriam-Webster says it’s a small opening to admit light and air or to permit observation.
When it comes to tax losses on bitcoin and other cryptocurrencies, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss. Yes, you read that right! The tax code has rules that don’t allow current deductions for tax losses.
Background
In IRS Focuses on Cryptocurrency: Are You Ready? I explained ...
IRS Focuses on Cryptocurrency: Are You Ready?
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
Cryptocurrencies have gone mainstream.
For example, you can use Bitcoin to buy far more than you would think. To see, try Googling “What can I buy with Bitcoin?” You will get more search results than you have time to read!
Using Cryptocurrencies has Federal Income Tax Implications that may surprise you.
The price of Bitcoin has gone through the roof recently, and with increasing acceptance of Bitcoin and other Cryptocurrencies as forms of payment, the Tax Implications of using Cryptocurrencies are a hot-button ...
Cryptocurrency, Cryptocurrency Transactions, and the Distributed Ledger Technology in “The Soul of Enterprise Podcast with Ron Baker and Ed Kless: Episode #363
Last week I was happy to be featured and participate in “The Soul of Enterprise” Podcast with “Financial-Thought-Leader” colleagues Ron Baker and Ed Kless last Friday: "Episode #363: The Ultimate Dragon Slayer, Daniel Morris" (10.23.21).
We discussed many topics that I am passionate about; Cryptocurrencies, Blockchain, Value Pricing, Wealth Management, Asset Protection, Multinational Tax Structures, Tax Optimization, and many other topics that made us scratch our “collective” heads.
One of the relevant and current topics we discussed that might have some importance to you was Cryptocurrency; what is it, how do you use it, and is it ...
“The Soul of Enterprise Podcast with Ron Baker and Ed Kless: Episode #363
I was happy to be featured and participate in “The Soul of Enterprise” Podcast with “Financial-Thought-Leader” colleagues Ron Baker and Ed Kless last Friday: "Episode #363: The Ultimate Dragon Slayer, Daniel Morris" (10.23.21).
Here, we discussed many topics that I am passionate about; Cryptocurrencies, Blockchain, Value Pricing, Wealth Management, Asset Protection, Multinational Tax Structures, Tax Optimization, and much More.
One of the first topics we discussed was the significance of the Podcast’s title…” The Ultimate Dragon Slayer, Daniel Morris” that I often hang my hat on.
I Solve People's Problems “I Sell Sleep...
The Crypto Battlefield: Financial Visionaries vs. The Regulators
A Primer on Disruptive Technologies and the Regulator’s Positions
Mark Twain has been credited with expressing that “History doesn’t repeat itself but it often rhymes,” Regardless of who crafted the sentiment; it is clearly consistent with my experience associated with some disruptive technologies that are showing up in today’s financial markets.
Philosopher Arthur Schopenhauer once stated, “All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
Distributed Ledger Technologies (DLT), the underlying software system that is simply and commonly ...
Cryptocurrency: New Business Model Implementations, Not for Amateurs
The modern world of economics now includes cryptocurrencies where there are lagging, coincident and leading indicators. In the arena of new business model implementations, there are innovators, early adopters, the late majority and the laggards. In the stampede to understand (and hopefully take advantage) cryptocurrencies for financial gain (e.g. Bitcoin, LiteCoin, Ethereum, etc.), I’d suggest the leading indicator for you to be aware of might be that the innovators are cashing out at the expense of the early adopters.
This past week when I was in New York City, I overheard a group of doormen and associated service providers discussing “buy...
Cryptocurrency Fuels More Hype than Fear
Let me explain
After a few short years of investing in cryptocurrency and preaching its gospel, it appears that some venture-capital experts are finally listening.
Some may still believe that investing is driven primarily by “Greed and Fear”, at Morris+D’Angelo we view this as an old and misused concept; investing is not about greed, greed is a human constant and a commonly misused phrase.
“Speculating” might be a better word to describe this old-fashioned motivation and notion (Greed and Fear). Investors exchange sweat, toil, money, ideas, Intellectual Property, etc. in the hopes of a return (economic, social, psychological, ...
Money is the Lubricant of Commerce… or Is It?
Money is a funny thing. It means so much to so many. "Money is the lubricant of commerce." Or is it?
Ever wonder what money is? Is it value? Is it merely paper or metal with old pictures and sayings on it? Does money change over time?
Money for Commerce: I Have a Complex Wallet
I am a world traveler. What is the real value of the dollars (or Pound Sterling, Swiss Francs, or Euros) in my wallet today?
Why does a retailer (Business Owner) accept a piece of plastic with a bunch of numbers on it and then proceed to provide me with goods and services of my choosing? Ever wonder what and where the intrinsic value of money came from? ...