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Financial and Accounting Updates and Information from Maggart
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From the Monthly Newsletter...
Curtailing Cryptocurrency Tax Surprises
As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax purposes and even asks about it on Form 1040. Many transactions involving cryptocurrency — such as purchases of goods or services — become taxable events …
Revisiting Worker Classification Rules
Over the last year, many companies have experienced workforce fluctuations and have engaged independent contractors to address staffing needs. In May, the U.S. Department of Labor (DOL) announced that it had withdrawn the previous administration’s independent contractor rule that had been scheduled to go into effect earlier this year. That rule generally would have made …
2 More Ways Parents Are Benefitting from the American Rescue Plan Act
When you think back on this spring, you may fondly recall a substantial deposit made to your bank account by the federal government (if you were eligible). Economic Impact Payments were a focal point of the American Rescue Plan Act (ARPA), signed into law in March, and the payments were even larger for parents with …
2 More Ways Parents Are Benefitting from the American Rescue Plan Act Read More »
