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Jason M. Tyra, CPA, PLLC
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On September 7, 2017, Representatives Jared Polis (Democrat) and David Schweikert (Republican), who co-lead the Congressional Blockchain Caucus, announced the Cryptocurrency Tax Fairness Act. The Act, if passed, would amend the Internal Revenue Code to…

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As a leading public accounting firm in the virtual currency space, we regularly field inquiries from clients and potential clients relating to taxation of virtual currencies in the United States. Here is a list of the most common misconceptions held by…

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New veteran-owned businesses that meet certain criteria are entitled to an exemption from the franchise tax for up to five years after formation. Texas calls its tax on business revenue a “franchise tax.” The Texas franchise tax is a privilege tax imposed…

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Many companies book substantial development expenses either in early years or on an ongoing basis that qualify as Research Expenditures for purposes of the Code Section 41 credit for increasing research activities (often called the “Research Credit” or…

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#OneCoin losses or anemic #MtGox recoveries got you down? Check this out- Deducting Ponzi Losses

The IRS allows special relief for victims of Ponzi schemes. Because Ponzi-type schemes can continue for years, many investors wind up faced not only with the loss of their original investments, but also with having paid taxes on “phantom income,” based on…

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After a years-long deliberative process, the SEC finally voted in October of 2015 to approve rules that will govern equity crowdfunding with general solicitation through registered funding portal or broker-dealer intermediaries. The provision of the…

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Each February, the IRS releases its “dirty dozen” list of tax scams that are expected to plague US taxpayers in the coming year. For the past three filing seasons in a row, identity theft has made the top three (it was number one in 2013 and 2014 and…

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#OneCoin is a #Scam!

UPDATE: If OneCoin is still participating in “voluntary monthly audits,” Semper Fortis isn’t doing them. According to Georgi Kaloyanov, the firm’s managing partner, Semper Fortis performed just two monthly audits “regarding the consistency of the block…

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With a new tax year starting in just a few weeks, now is the time to consider filing elections that will take effect for 2016 and beyond. One such measure with an early deadline is the election to be treated as a Sub-chapter S Corporation. The S Corp…

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The extended deadline for 2014 individual taxes is coming up in less than two weeks. IRS data show that the vast majority of taxpayers, especially households with simple returns and those expecting large refunds, choose to file as early as possible.…
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