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Matt Metras - 2 Ed deHaan - 1 you've - 1 Mark Jaeger - 1 Jaeger - 1 Cryptocurrency - 1 Andrew Gordon President - 1 Andrew Gordon - 1
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☆ These 3 tax rules weren't a big deal last year—now they could cost you thousands, experts say
  + stars: | 2024-03-26 | by ( Ryan Ermey | ) www.cnbc.com   time to read: +4 min
Some forms that may not have been on your radar last year could drastically raise or lower your bill for tax year 2023, experts say. Here are three tax documents you may have forgotten about last year that could be important this tax season. 1099-INT for savings accountsYou always owed federal income tax on interest from savings accounts. Even if you forgot to report a chunk of your interest income, "the main story is not to panic. For 2023, you may receive a Form 1099-MISC or 1099-B from the financial institution you use to trade crypto.
Persons: Ed deHaan, you've, Mark Jaeger, Jaeger, Matt Metras Organizations: Stanford Graduate School of Business, Federal Reserve, IRS, MDM Financial Services, CNBC Locations: TaxAct
☆ What investors need to know about crypto taxes amid the latest bitcoin rally
  + stars: | 2024-03-16 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Whether you're a longtime crypto investor or recently purchased digital assets, here are some key things to know from crypto tax experts. For 2023, there's a "digital assets" question on the front page of Form 1040, along with returns for estates and trusts, partnerships, corporations and S corporations. Andrew Gordon President of Gordon Law Group"Yes-or-no questions are quite powerful," said Andrew Gordon, tax attorney, certified public accountant and president of Gordon Law Group. However, the 2023 digital assets question does not apply to bitcoin futures ETFs or spot bitcoin ETFs, he said. How crypto tax reporting works
Persons: Cryptocurrency, Matt Metras, Andrew Gordon President, Andrew Gordon, Gordon, They're Organizations: IRS, MDM Financial, Gordon Law, Gordon Law Group
☆ Here's what investors need to know about the latest crypto tax reporting rules for 2022
  + stars: | 2022-10-24 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
The IRS is sharing more details on how to report digital assets for the 2022 tax filing year, according to draft instructions. Since 2019, there's been a yes or no "virtual currency" question on tax returns, requiring filers to check a box to disclose their taxable crypto activity. For 2022, the agency has changed the term "virtual currency" to "digital asset," with more guidance on when to check "yes." Notably, "digital asset" now includes non-fungible tokens, or NFTs, which grant ownership to items like art, and stablecoins, which are pegged to a real-world asset. The "broader language" may include new categories, such as taxpayers receiving digital assets from "play-to-earn games," which have become popular over the past year, he said.
☆ IRS steps up efforts to target U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions
  + stars: | 2022-09-26 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
The IRS continues to chase U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions with a new court order allowing a summons for customer records. The agency will issue a so-called "John Doe summons" requiring M.Y. It's not the first IRS summons for crypto records, but it's unusual because the broker seems to be "quite small," signaling the possibility of more to come, said Andrew Gordon, tax attorney, CPA and president of Gordon Law Group in Skokie, Illinois. While the first summons for crypto tax records triggered IRS letters for unreported income and unpaid taxes, the response took a few years, said Matt Metras, an enrolled agent and cryptocurrency tax specialist at MDM Financial Services in Rochester, New York. "I'm curious to see what happens with all this data they're collecting," said Metras, noting that the IRS may try to match it with investors' tax returns.
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