UPDATE 12/03/2024- A federal court in the Eastern District of Texas has temporarily enjoined enforcement of the BOI reporting requirement nationwide. However, that does not mean the law is repealed or the injunction will remain in place. Contact us with questions about your reporting requirements. ******************** The Corporate Transparency Act now requires all companies formed…
The Financial Accounting Standards Board (FASB) announced that it would issue final rules after gathering public comments received in response to an exposure draft of proposed rules for crypto assets. The exposure draft, issued March 23, 2023, resolves uncertainties and formalizes Generally Accepted Accounting Principles for bitcoin and other crypto assets for issuers of GAAP-basis…
With year-end approaching, it is time to start thinking about moves that may help lower your tax bill for this year and next. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could, among other things, increase top rates on both ordinary income and capital gain starting next…
Edit 12/21/20- The relief bill passed by the Congress in late December 2020 explicitly allows expenses covered by PPP funds to be deductible in the year incurred, whether or not the associated loan is forgiven. The information provided below is no longer correct under current law. Section 1102 and 1106 of the Coronavirus Aid, Relief,…
After a years-long deliberative process, the SEC finally voted in October of 2015 to approve rules that will govern equity crowdfunding with general solicitation through registered funding portal or broker-dealer intermediaries. The provision of the Jumpstart Our Business Startups Act (AKA the JOBS Act Title III) allowing investment funds to be raised online took effect…
If you have been active in bitcoin for any length of time, then you have likely either lost money in an exchange failure or you know someone who has. The pervasiveness of meltdowns among bitcoin startups has created considerable demand from stakeholders for outside assurance that funds entrusted to them are safe and sound. In…
If you have ever read a John Grisham book or seen a legal or police procedural drama on television, then you have likely heard of the attorney-client privilege. Attorneys need honest and open dialogue with clients in order to craft an effective legal defense. Attorney-client privilege encourages trust between attorneys and clients by protecting consultations…
I woke up this morning to find this story waiting in my inbox. Since company failures are commonplace in the digital currency industry, I didn’t think much of it at first. Then I read this line: “Questions about the platform’s solvency began to emerge in June, when users asked for the Bitcoin Trader leadership to publish…
As an accountant in public practice and a digital currency advocate, I frequently receive inquiries from potential clients and others about digital currency audits. The high level of theft and fraud suffered by consumers in the bitcoin community and the novelty of the technology behind many of the companies that serve them have created a…
This is the third part of a multi-part series that will explain how to use bitcoin with QuickBooks. This procedure will allow you to properly account for your bitcoin expenses and integrate those expenses into your business records as if they had originally been made in your home currency. Side note: Users of Intuit’s PayByCoin…
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