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Are You Prepared for the New Digital Asset Reporting Requirements?

Bailey Scarano Blog, Tax & Money Tips / By

With digital assets like cryptocurrency becoming increasingly mainstream, the IRS is ramping up efforts to ensure that businesses, including small businesses in Connecticut, properly report these transactions. Beginning in 2025, significant changes will impact how businesses handle digital asset reporting, especially as the IRS’s transitional safe harbor provision comes to an end in January. If […]

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What You Need to Know to Prepare for IRS Crypto Compliance

Bailey Scarano Blog / By

Cryptocurrency owners, along with the financial experts and legal professionals who guide them, should take heed of the Internal Revenue Service’s (IRS) current efforts to ensure compliance among those involved in crypto transactions. One of the signs that the IRS is giving closer scrutiny to crypto activities is the question added to Form 1040, which

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AICPA Requests Tax Treatment Guidance for Digital Asset Losses

Bailey Scarano Blog, Tax & Money Tips / By

The Internal Revenue Service (IRS) has been urged by the American Institute of CPAs (AICPA) to provide guidance regarding the tax implications of digital asset losses. In a statement, AICPA Director for Tax Policy & Advocacy, Eileen Sherr, said, “With the complexities and recent bankruptcies involved with digital asset exchanges, taxpayers and practitioners are facing

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Tax Provisions in Recently Passed Infrastructure Bill

Bailey Scarano Blog, Tax & Money Tips / By

While most of the Infrastructure Investment & Jobs Act (IIJA) is focused on physical infrastructure projects across the country, there are a handful of tax provisions included in the bill as well, including: End of Employee Retention Credit The American Rescue Plan Act extended the Employee Retention Credit (ERC) for the third and fourth quarters

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