Cryptocurrency Craze Complicates Taxes

Bitcoin
Fort Lauderdale accountants Sterling Accounting can help deal with taxes arising from bitcoin issues.

Betting on bitcoin and other cryptocurrencies has brought big profits for speculators. But if you’ve dipped your toe in, you’ll want to consult tax professionals like Fort Lauderdale accountants Sterling Accounting.

That’s because the wildly fluctuating market for bitcoin has led to enough wealth generation to draw the eye of tax authorities.

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IRS announces filing season and Fort Lauderdale accountants are ready

Tax season
Fort Lauderdale accountants stand ready to help with tax season.

After scrambling to keep up with sweeping tax law changes, the IRS has announced it will begin accepting electronic and paper tax returns Jan. 28. The Fort Lauderdale accountants of Sterling Accounting stand ready to help at this crucial time.

This year, tax season will run from Jan. 28 through April 17, according to Forbes….

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Wilton Manors book keepers suggest resolutions for better business in 2018

Business planning
Wilton Manors book keepers can help you keep your New Year’s business resolutions.

Want to make your business better in 2018? The Wilton Manors book keepers of Sterling Accounting want to help.

After all, you’re likely making New Year’s resolutions to lose weight, quit a bad habit, or exercise more. So add improving your business life to the list.

Here are a few things to consider as you put…

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Consult Fort Lauderdale accountants Sterling Accounting to get most of tax changes

Tax changes
Sweeping tax code changes require consultation with Fort Lauderdale accountants.

Tax changes passed last week are the most sweeping in a generation, and they aren’t simple. Which is why it pays to consult experts like the Fort Lauderdale accountants of Sterling Accounting to see how these changes will affect you and your business.

Here are some general outlines of what you can expect from the tax overhaul, as…

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IRS boosts mileage rates

 

Mileage rates
Walton Manors accountants Sterling Accounting are tracking IRS changes to mileage rates.

Wilton Manors accountants Sterling Accounting are always on the lookout for the latest and here’s something to take into account in 2018. The IRS has increased the optional standard mileage rates beginning Jan. 1.

The standard mileage rates will be:

  • 54.5 cents for every mile of business travel driven, up 1 cent from the rate for…
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What we know about Republican tax plans

Mitch McConnell
Senate Majority Leader Mitch McConnell is a key player in changes to the tax code.

Trying to understand just what GOP tax plans barreling through Congress means to businesses and individuals is a little like nailing jello to the wall. Which is why experts like Wilton Manors accountants Sterling Accounting are needed.

Things could still change before the tax package is approved by Congress and signed by President…

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Court orders Coinbase to share thousands of users info. with IRS

Bitcoin
The IRS wants to know about bitcoin holdings.

Fort Lauderdale accountants‘ clients could have a new worry, if they have bitcoin holdings. A federal court in California has ordered Coinbase to turn over to the IRS identifying records for clients who had more than $20,000 in bitcoin pass through their accounts this year.

According to the Verge, the bitcoin exchange estimates 14,355 users meet the government’s requirements.

The Verge Continue reading »

Don’t neglect taxes in gig economy

Gig economy
As the gig economy grows, tax implications abound.

Tempted to make a little cash driving for Uber or Lyft, or renting out a room through Airbnb? Or have you built a business using other skills?

Then welcome to the gig economy, in which you can be your own boss, and, depending upon what you do, build your own business. But as with any small business, risks go along with…

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IRS starts enforcing Obamacare employer mandate

IRS
The IRS has issued guidance that it is enforcing Obamacare’s individual mandate.

Despite Republican attempts to do away with it, Obamacare is still the law, and that means the IRS has started enforcing the mandate that businesses with 50 or more employees offer affordable insurance or face fines.

The decision comes even as President Donald Trump has tried to weaken enforcement of the law.

The New York Times…

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Outgoing IRS chief warns against cutting too deep

IRS
Cuts at the IRS could delay tax returns. By Joshua Doubek (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Members of Congress can’t honestly say they weren’t warned. Departing IRS chief John Koskinen is telling anyone who will listen that if Congress cuts the agency’s budget too deeply, millions of tax refunds could be delayed.

It’s hard to say, though, whether his warning will be heeded as Congress looks to cut…

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