Amongst the wide range of services that accounting firms offer, bookkeeping often falls through the ranks as the least lucrative. Despite bookkeeping being a simple task for a trained accountant, it requires significant time and attention to accurately depict accounts. Moreover, bookkeeping runs on small margins – bringing minimal value while taking precious time away […]
In October 2019, the IRS issued a new Revenue Ruling – 2019-24 which deals with virtual currencies/cryptocurrencies and provides much needed guidance on the treatment of specific taxable events associated with cryptocurrencies. The virtual world is similar to a web (which is where the “world wide web” derived its name from) or akin to a […]
Mortgaging hard-earned profits due to a tax surprise can be a hard on most small business owners. Even worse is learning about money left on the table due to an unclaimed or uninformed tax deduction. Tax surprises are completely avoidable and should be mitigated before it cuts deep into your bottom-line. In this blog, you […]
We have all heard of Bitcoin and Ethereum – Cryptocurrencies that are also considered to be virtual currencies. So, what exactly is virtual currency? According to FinCEN – (Financial Crimes Enforcement Network), virtual currency is a “medium of exchange that operates like a currency in some environments, but does not have all the attributes of […]
