Virtual Currency Activity? The IRS Wants to Know About it

Virtual currency: Is it an investment? Is it currency? Is it a side hustle? For a growing number of us, the answer matters. Included in “us” is the IRS, which no surprise, wants a piece of the action.

From the IRS Newswire The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Today’s guidance, Revenue Ruling 2021-02, reflects changes to […]

The Act provides assistance to qualifying small businesses by reformulating and reopening the Paycheck Protection Program (PPP). Here are some of the details you should know: To qualify for the second draw, businesses must have less than 300 employees and have experienced a reduction of at least 25% of their gross revenues in any quarter […]