Cryptocurrencies continue to be a growing asset class, but with limited guidance from the IRS and treasury--and differing points of view on whether certain forms of cryptocurrency are assets, income, or securities--many are left wondering how to tax and report them properly.
With the rise of cryptocurrency, the IRS and US government have been faced with questions surrounding how to define, regulate and report this new form of currency. Federal banking regulators question whether cryptocurrency firms are in the business of banking, and according to the SEC, some, but not all, cryptocurrencies are considered to be securities.
The IRS launched a new feature on their website this week giving taxpayers digital control over who can represent them or view their tax records. This groundbreaking new feature is one of many recent changes to the IRS’ online tools for individuals, making it easier than ever for taxpayers to manage their records online.
The Financial Accounting Standard Board (FASB) recently released a new lease accounting standard, which took effect for public firms on January 1, 2020, and will take effect for private firms on January 1, 2021.
The new lease accounting standard will require companies to record operating leases as both liabilities and assets on their balance sheets to give a more complete picture of a company’s financial obligations.