B.A. Harris Blog

Taxation of Virtual Currency

As virtual currency gains increasing acceptance by the public, it is important to consider the tax implications for those that invest and engage in various transactions with the digital currency. What is virtual currency? Virtual currency is a digital representation of value. Although virtual currency is exchangeable in the same manner as real currency, for example the dollar, it is not recognized as legal tender in the United States. Some virtual currencies including Bitcoin and Ethereum are convertible virtual currency, meaning they may be exchanged for an equivalent value of dollars, euros, or other types of real currency.

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Don’t Miss Out on Employee Retention Credits

Over the Holidays, the Consolidated Appropriations Act, 2021 was signed into law, opening the doors for many businesses to claim the Employee Retention Credit (ERC) who were previously deemed ineligible, and expanded the credit into the 2nd quarter of 2021. Businesses that qualify can claim an ERC for wages paid during an eligible period/quarter of up to $5,000 per employee in 2020, and up to $14,000 per employee in 2021. The fully refundable credit is available against an employer’s share of Social Security tax on employee wages.

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2020 Tax Updates and Year in Review

With 2020 rapidly coming to a close, many of us are eagerly looking forward to 2021 in hopes that less tumultuous times are ahead. While we are all anxious for a better tomorrow, it’s important that we take the time today to look back upon the year and use this opportunity to take advantage of any changes to the tax code that occurred during 2020, and possibly consider a change in our own personal tax strategies.

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Accountable Plans and Fringe Benefits

As an increasing number of individuals begin to work from home, either by choice or otherwise, many employers have begun to pay for expenses incurred by their employees in an effort to support their remote working environment, while others have begun offering certain fringe benefits to boost morale or show appreciation. We have fielded many questions from our clients as to the tax consequences to both the employers and employees in these types of situations, and ultimately the deciding factors are:

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Tax Strategies: Reducing Taxable Residential Rental Income

For landlords of residential rental properties, one of the most powerful tools in tax planning is the appropriate timing of major expenditures. Coupled with an understanding as to whether those significant costs are fully deductible in the year they are incurred, or expensed over 5 to potentially 27.5 years, can play a significant factor in the decision-making process for property owners. Due to the sweeping changes in tax law with the passage of the Tax Cuts and Jobs Act of 2017 (TCJA) and the recent CARES Act, many of our clients have understandably been faced with confusion over this matter as there are elections for immediate expensing, accelerated depreciation methods, Section 179, Bonus depreciation, and the deduction for “qualified leasehold improvement property.

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