Let’s face it: looking for an accountant can be tough. It is crucial they are trustworthy, honest, hardworking, with resources of a big company and customer service of a small company. Well, look no further. Here, we are a small-town business. What does that mean for you? We offer hands-on, personalized accounting services for our clients. With over 23 years of experience, Susan Tenney has seen it all. From personal to small business needs, she is well equipped to help.
Though located in the Magic Valley region of Idaho, we serve clients all over the United States. We offer a wide array of services for any personal or business needs. We can help with bookkeeping, payroll services, tax preparation, and even business consulting. Whether you are an experienced businessperson, a starting entrepreneur, or simply needing help with taxes, we have the resources to help.
The hottest topic these days are Bitcoin or any of its counterparts. A growing number of people are using Bitcoin, Ethereum, Ripple and other virtual currencies and cryptocurrencies to buy all sorts of goods and services. Many of us are adding virtual currency to part or all of their overall investment and portfolio strategies.
With the growing popularity of virtual currency transactions, the need to ensure accurate tax reporting is important. The IRS has made the topic one of their compliance priorities.
You’ll notice on the Form 1040, U.S. Individual Income Tax Return, includes a question on virtual currency on the top of page one, giving a clear indication that crypto asset reporting is top of mind for the IRS.
While the IRS is clear that virtual currency is treated as property for federal income tax purposes, other questions remain for more nuanced situations. As this area continues to evolve and more taxpayers are impacted, the AICPA is working to obtain more guidance and clarity on various tax matters.