The IRS continues to issue updated guidance on all things crypto. We help you make sense of it.
Author archives: Mat Sorensen
New IRS 1099 Rule for PayPal and Venmo Targets Very Small Businesses and Will Cause Misreporting and Errors
The IRS recently announced that payment apps such as PayPal, Venmo and CashApp will be required to issue 1099s to small businesses and self-employed persons. The problem is these taxpayers don’t have accounting department and professionals to rely on.
…
Non-Wealthy IRA Savers Who Invested IRAs Into Small Business, Startups and Real Estate LLCs Targeted in ‘Build Back Better’ Plan
The $3.5M reconciliation package pending in Congress contains two sections that will affect anyone already invested in these assets.
PPP Loan Forgiveness Period Beginning to Close; Payments May Be Due
PPP borrowers who took loans in 2020 will soon have their first payments due if they don’t request forgiveness.
Tax Rules for Buying and Selling Bitcoin and Other Crypto
The IRS has given guidance twice on cryptocurrency tax issues.
New Stimulus Bill Includes Second Round of PPP Loans for Small Business and Forgiveness Rule Changes Favorable to Borrowers
Congress finally passed further Covid relief, and it potentially bodes well for a range of small businesses.
The IRS Increases 2021 Contribution Limits to SEP IRAs and Solo 401(k)s for Business Owners
HSA limits increase as well, while Traditional and Roth IRA limits remain unchanged.
SBA Approves Simple 1-Page PPP Forgiveness Application for Loans of $50,000 or Less
The new guidelines remove calculation requirements and simplify supporting-document rules.
SEC Expands Accredited Investor Rule
More investors will qualify to make investments into startups, venture companies and funds and private offerings.
New Legislation Would Grant Automatic Forgiveness of PPP Loans Under $150,000
The smallest of small businesses may be able to avoid hassling with additional documents, worksheets and payroll/tax forms.