As cryptoassets, such as bitcoin, have gained status as virtual assets, commentators have suggested that they serve as the new virtual gold.3 Both gold and cryptoassets share many… Read more “Gold and bitcoin: Tax implications of physical and virtual mining”
Articles
The current state of evolution of cryptoasset taxation
The IRS began sparingly providing tax guidance on cryptoasset reporting standards beginning in 2014 with Notice 2014-21. The notice applied the general tax principles for property to… Read more “The current state of evolution of cryptoasset taxation”
Cryptoasset mining and state tax incentives
The popularity of blockchain and cryptoassets such as bitcoin has increased significantly over the past few years, as has their utility. Cryptoassets have become more mainstream, as… Read more “Cryptoasset mining and state tax incentives”
Equity incentive plan considerations for startup companies
Equity incentive plans continue to be a way for startup companies to incentivize and retain key executives and founders as well as some rank-and-file employees. These plans… Read more “Equity incentive plan considerations for startup companies”
IRS updates car and truck depreciation limits
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021 (Rev. Proc. 2021-31). The… Read more “IRS updates car and truck depreciation limits”
Commercial real estate: Debt restructuring and planning
As the pandemic recedes, many economists are predicting a shift in the commercial real estate sector. The anticipation is that many companies will continue to work remotely… Read more “Commercial real estate: Debt restructuring and planning”
SBA streamlines forgiveness process for most PPP loans
The U.S. Small Business Administration (SBA) published new guidance Wednesday designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program… Read more “SBA streamlines forgiveness process for most PPP loans”
Tax Court denies ordinary abandonment losses in taxpayers’ disposition of partnership interests
When the disposal of a partnership interest results in a loss, taxpayers might not be aware that the loss could qualify for an ordinary loss deduction instead… Read more “Tax Court denies ordinary abandonment losses in taxpayers’ disposition of partnership interests”
CPAs and the historic Paycheck Protection Program
We passed a major milestone in pandemic economic recovery recently — the closeout of the loan application period for the Paycheck Protection Program (PPP), which ended May… Read more “CPAs and the historic Paycheck Protection Program”
Current developments in S corporations
With respect to preparing returns of S corporations, certain new requirements went into effect for the 2020 tax year (relating to Schedule B-1/K-1 reporting), and others will… Read more “Current developments in S corporations”
Azari T Benjamin PL 