In Matt Metras’ excellent article on tax reporting for clients who receive settlements from the Celsius bankruptcy, he says “It’s unclear if this section could apply to digital asset bankruptcies for a variety of reasons outside the scope of this article.” Matt provides an example of the IRS’ preferred method of accounting for settlement proceeds as published on the Taxpayer Advocate’s website. Matt also notes that the TAS tax tip lacks any citations to substantial authority. It may or may not be taxpayer friendly. The articles published by many cryptocurrency exchanges are also citation free and, after a cursory review, seem geared in a larger sense toward helping exchange users account for the settlement accurately on the exchange itself. In this article, I would like to look at the forest of tax law principles that the Celsius bankruptcy settlement puts into play rather than any specific tax reporting tree. Welcome to the jungle.

M&A activity during Q1 2024 has experienced the strongest start in two years, with over $549B in global deal volumes, representing a 28% increase from Q1 of 2023. However, gone are the days of easy financing and 0% interest rates – the federal funds rate is currently between 5.25% - 5.50%, forcing taxpayers to rethink their deal structures and consider certain tax cost optimizing strategies, which are discussed in this article.

Digital marketing is always changing, and as accountants, we must find innovative ways to connect with our prospects and clients. Enter video marketing—a dynamic tool revolutionizing how financial professionals communicate complex concepts, build trust, and cultivate lasting client relationships. In this article, I will expand on the key benefits of video content, its transformative power for accountants, practical implementation tips, and strategies for measuring impact.

Cutting some clients loose is challenging yet vital. You can only hope for so long that a difficult client will improve before you have to make the decision that he or she simply isn’t worth it to your bottom line. Some clients also make it harder to service your good clients – if not risk your reputation and expose you to a malpractice claim. When you consider firing a client, you do have to trust your gut – but some objective measurements can point you to the right decision. Here are the signs of a bad (and potentially bad) client and formulas and tips to tell if you can do without their business.

What seemed to be a slow month turned out to have some intriguing developments, a new online petition generator for self-representeds, and new Judges joining the Tax Court bench (at long last).

Why is the freezing point of water 32 degrees? It was a fairly arbitrary decision made by inventor Daniel Gabriel Fahrenheit in 1724 and demonstrates that Americans will do just about anything to avoid using the metric system. But this isn’t a story about Fahrenheit, it’s about Celsius. Celsius was a major cryptocurrency exchange founded in 2017, which at its peak had over $12 billion in assets under management. Celsius declared Chapter 11 bankruptcy on July 13, 2022. Celsius found itself caught up in the major crypto collapse of 2022...

The past month we've explored how side hustles can affect your client's taxes. You're now equipped to help them avoid most side hustle tax tussles, but there is one other major area of the gig economy that we must cover. That is when your clients decide to share their personal property for a fee. Don't confuse this concept of the share economy with your client renting out real estate, like we discussed in part 2. The IRS has a different definition for personal property, one that does not include real estate. Which, you guessed it, means there are different tax implications. To help you avoid tax tussles for your clients, we're going cover the following: ● What's the difference between personal property and real estate? ● Where do we report personal property rental income? ● What can we deduct from personal property rental income?

The rise of chatbots and AI assistants has blurred the lines between traditional search engines and conversational AI. Tools like ChatGPT and its latest iteration, GPT-4o, are reshaping how Certified Tax Planners (CTPs) search for tax information. A new and fragmented multi-search universe has emerged that offers CTPs a broader array of tools tailored to their specific needs for due diligence. Let's take a look at 10 new AI search tools that can maximize your efficiency today!