The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire, and how politicians in Washington would like to handle it.
Cryptocurrency has revolutionized the financial world, offering new opportunities for investment, spending, and innovation. However, with great opportunity comes significant responsibility, particularly in the realm of tax compliance. As the popularity of digital currencies like Bitcoin, Ethereum, and others continues to grow, so does the scrutiny from tax authorities. Understanding what constitutes a taxable event and how to stay compliant is crucial for any cryptocurrency enthusiast.
Effective in March 2024, the US Department of Labor has issued a final rule on how workers are classified under the Fair Labor Standards Act (FLSA). This rule was issued to assist employers in determining the status of employees vs. independent contractors, which is especially critical in managing minimum wage and overtime requirements.
In recent years, the debate surrounding wealth inequality and tax reform has gained significant traction across the US. Among the states at the forefront of this conversation is Massachusetts, where the “Millionaires Tax” has sparked both support and opposition. In November of 2022, Massachusetts approved the Fair Share Amendment, a 4% tax on state residents with an annual income of greater than $1 million.