How are Capital Gains Recognized and Taxed?
The Federal long-term capital gains tax is a tax imposed on a taxpayer’s profits from the sale of assets that were purchased as an investment or for personal use and have been held for more than one year. A taxpayer only becomes liable for paying the capital gains tax when an asset is sold, therefore […]
What Businesses Qualify for the R&D Tax Credit and Which Expenses are Eligible?
The federal research and development tax credit (R&D credit) is one of the U.S. government’s primary means for rewarding businesses that invest money in research. It was initially implemented as a temporary measure in 1981, but was made permanent and expanded in 2015 through the Tax Cuts and Jobs Act. In addition to the federal […]
How Are Bitcoin and Other Virtual Currencies Taxed?
Bitcoin and other virtual currencies are no longer a novelty, but many individuals and companies are unaware of the federal and state tax ramifications of using them in transactions. It might seem hard to believe, but bitcoin has been around for a decade and the IRS laid out the rules for reporting and taxing the […]
