As you get ready for tax season after another BTC bull run, if you have acquired, sold, transferred, or held cryptocurrency then you and your CPA should have a discussion to make sure everything is above board with the IRS. The Department of the Treasury has listed virtual currency compliance as a top issue. So here’s a list of questions you should be able to answer.
Tax Reform 2.0 was unveiled Monday evening, Sept 10th, and includes three bills which build upon and make permanent changes made by the Tax Cuts and Jobs Act. The first bill, the Protecting Family and Small Business Tax Cuts Act of 2018 makes TCJA tax rates permanent, along with key deductions and the new Sec. 199A 20% Pass-Through Deduction.
While many changes created by the Tax Cuts and Jobs Act have grabbed the media limelight, not much attention has been given to a new tax benefit: Qualified Opportunity Funds. Beginning in 2018, a taxpayer can elect to reinvest proceeds from the sale of “any property” into a Qualified Opportunity Fund and defer the gain.