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Sale or exchange of virtual currency

What type of gain or loss does a taxpayer realize on the sale or exchange of virtual currency?
The character of the gain or loss generally depends on whether the virtual currency is a capital asset in the hands of the taxpayer. A taxpayer generally realizes capital gain or loss on the sale or exchange of virtual currency that is a capital asset in the hands of the taxpayer. For example, stocks, bonds, and other investment property are generally capital assets. A taxpayer generally realizes ordinary gain or loss on the sale or exchange of virtual currency that is not a capital asset in the hands of the taxpayer. Inventory and other property held mainly for sale to customers in a trade or
business are examples of property that is not a capital asset.

Reference: IRS Notice 2014-21

 

Deductions and Credits

Tax code provides provisions for many credits and deductions (Standard Deduction or Itemized Deduction, Earned Income Credit, Premium Tax Credit, Child Care Credit, Additional Child Care Credit and more), work with us to take full advantage of your credits and deductions to maximize your refund.

Key Dates for 2018 Tax Year

 

03/15 - Partnership, S Corp Returns Due
04/15 - C Corps, Individual returns due
9/16  - Partnership, S Corp with valid extension due...
10/15 - Individual returns with valid extension due