The Biden administration wants to expand information reporting for financial institutions to better capture exchanges of cryptocurrency transactions.

Original Article Source Credits:  Forbes Advisor, https://www.forbes.com

Article Written By:  David Rodeck, John Schmidt

Original Article Posted on:  Feb 18, 2021

Link to Original Article: https://www.forbes.com/advisor/investing/what-are-cryptocurrency-taxes

Original Article Source Credits: Forbes, https://www.forbes.com

Article Written By:  Brian Thompson

Original Article Posted on:  Mar 4, 2021

Link to Original Article: https://www.forbes.com/sites/brianthompson1/2021/03/04/sba-substantially-increases-ppp-loan-amount-eligibility-for-new-schedule-c-borrowers/?sh=76f9a2365c23

Original Article Source Credits: IRS, https://www.irs.gov/

Article Written By: NA

Original Article Posted on: 27th January 2021

Link to Original Article: https://www.irs.gov/newsroom/important-reminders-before-filing-2020-tax-returns

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  January 15, 2021

Link to Original Article:  https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

The FTB has just clarified that EIDL (Economic Injury Disaster Loan) advance grants are taxable to California. AB 1577 (Ch. 20-39) enacted a California exclusion for PPP loan forgiveness, essentially mirroring the federal exclusion adopted by the CARES Act. However, the federal exclusion for EIDL grants was enacted by the Consolidated Appropriations Act, which California has not conformed to. California would have to enact new legislation to conform to this exclusion.

Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  JAN 11 2021

Link to Original Article:  https://www.cnbc.com/2021/01/11/cryptocurrencys-value-plummets-heres-what-it-means-for-your-taxes.html

Original Article Source Credits:   Journal Of Accountancy , https://www.journalofaccountancy.com/

Article Written By:  Jeff Drew

Original Article Posted on:  December 22, 2020

Link to Original Article:  https://www.journalofaccountancy.com/news/2020/dec/covid-19-relief-bill-addresses-key-ppp-issues.html

The new covid relief bill clarified that borrowers who have loans forgiven may claim deductions for expenses even if expense were paid with loan amounts that were forgiven. This applies to all PPP loans.

Original Article Source Credits:   Forbes , https://www.forbes.com/

Article Written By:  Jared Hecht

Original Article Posted on:  Oct 27, 2020

Link to Original Article:  https://www.forbes.com/sites/jaredhecht/2020/10/27/why-you-shouldnt-worry-about-ppp-loan-forgiveness-yet/?sh=1704886b49db

Late last night the president did ultimately sign the covid relief bill, thereby creating the fix that was so highly anticipated.

Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  NOV 20 2020

Link to Original Article:  https://www.cnbc.com/2020/11/20/heres-what-you-need-to-know-when-reporting-virtual-currency-to-the-irs.html

Original Article Source Credits:  Investopedia ,  https://www.investopedia.com/ 

Article Written By:   MICHELLE P. SCOTT

Original Article Posted on:  Oct 29, 2020

Link to Original Article:  https://www.investopedia.com/2021-tax-brackets-other-tax-changes-5084597

Original Article Source Credits: California State Board of Equalization, https://www.boe.ca.gov/

Article Written By: NA

Original Article Posted on: NA

Link to Original Article: https://www.boe.ca.gov/prop19/?fbclid=IwAR3STkxYKFgrUXxRNNQL0su1mgW7zuCUIsHgcWcU1fzPlswfW0byNxKFuNE

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