by Leif Jensen | Oct 26, 2023 | Taxes |
The IRS has issued guidance on staking rewards in July. When one stakes crypto native to a proof-of-stake blockchain and receives additional crypto units or tokens as validation rewards, the fair market value of those token awards is gross income in the year the...
by Leif Jensen | Oct 23, 2023 | Tax Court |
The courts do not determine when and how to tax staking rewards. Bad news for a man who was asking a court to rule on the taxation of staking rewards. A court tosses his case. He filed a refund claim alleging that token rewards he got from staking cryptocurrency are...
by Leif Jensen | Oct 18, 2023 | Retirement |
Each year when talking about tax planning for the next year, I get a lot of frustration from some clients, they are reaching 72 and they don’t need or want to start taking their RMD’s. Well, I finally have some good news for them, granted it’s not great news but good...
by Leif Jensen | Oct 16, 2023 | Retirement |
Finally, some changes are coming to SIMPLE IRAs, starting in 2024. This change is thanks to SECURE 2.0. The dollar limits on annual employee contributions and catch-ups to SIMPLE IRAs will rise 10% for employers with 25 or fewer workers. A firm with 26 to 100...
by Leif Jensen | Oct 11, 2023 | General |
My guess is that you use a single bank for checking and savings, maybe even your credit card. While this may be a way of simplifying your life, it also ties you to the whims of that bank. Suchas their hours and levels of customer service. Granted with my businesses...
