cryptocurrency – The Burns Firm – Advisors of Complex Financial Matters

Crypto Losses Are Currently Exempt from the Wash Sale Rule

October 26th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Crypto, cryptocurrency, Dallas CPA, Services, Tax, Tax Advisor, The Burns Firm, Wash Sale Rule|Tags: Crypto Currency, Crypto Losses Exempt from Wash Sale Rule, cryptocurrency, tax, tax advisor, The Burns Firm, Wash Sale Rule|

The IRS classifies cryptocurrencies as property rather than securities. So, the wash sale rule doesn't apply if you sell a cryptocurrency holding for a loss and acquire the same [...]

Tax News for Investors and Users of Cryptocurrency

May 23rd, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, cryptocurrency, Dallas CPA, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Preparation, Tax Return, Tax Return Filing, The Burns Firm|Tags: cpa near me, cryptocurrency, Cryptocurrency Tax Advisor, Dallas CPA, Filing Tax Return and Reporting Cryptocurrency, tax advisor, Tax and Cryptocurrency, The Burns Firm|

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements [...]

Tax News for Individual in 2022

July 12th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, cryptocurrency, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm, Tips|Tags: 1099-NEC, 2022 tax, 2022 tax for individuals, 2022 tax news, 2022 tax year, CPA, CPA Dallas, crypto, cryptocurrency, Dallas CPA, foreign housing cost exclusions, reporting earnings for gigs, reporting tips, tax, tax news, tax news in 2022, Tax planning, The Burns Firm|

Involved in Crypto? Here Are Some Tax Issues It's a simple "yes" or "no" question, but you must answer it on your Form 1040 or Form 1040-SR: At any time [...]

Curtailing Tax Surprises With Cryptocurrency

August 24th, 2021|Categories: Accounting, Burns Firm, cryptocurrency, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Tax Planning|Tags: cpa near me, cryptocurrence, cryptocurrency, Dallas CPA, is cryptocurrency considered property, tax, tax on cryptocurrency, tax preparer near me, The Burns Firm|

As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax [...]