income

NFTs – Tax consideration and complex valuations
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NFTs – Tax consideration and complex valuations

Individuals

NFTs – Tax consideration and complex valuations

Nonfungible tokens (NFTs) have been in the news since artist Beeple sold an NFT for around $70 million in March 11, 2021. The Wikipedia definition is: "A non-fungible token is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs

By Victor Garrido, CPA, EA|2021-08-19T10:23:58+00:00July 22nd, 2021|Categories: Individuals|Tags: capital gain, creator, income, NFTs, ordinary, taxation, valuation|

IRS Backlog is growing
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IRS Backlog is growing

Individuals

IRS Backlog is growing

One week to the end of the 2020 tax season (May 17, 2021), the IRS backlogs keeps growing mainly driven by manual reviews and checks due to the unemployment benefits exclusion ($10,200), stimulus checks (rebate credit) that might not have reported accurately in the 2020 tax return, and other items such as Earned income credit.

By Victor Garrido, CPA, EA|2021-05-08T19:57:00+00:00May 8th, 2021|Categories: Individuals|Tags: backlog, credit, earned, exclusion, income, irs, rebate, stimulus, unemployment|

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