Bitcoin Holdings: Why Tax and Accounting Matter – Risk & Compliance Journal

The second part in the series addresses accounting, tax, and SEC reporting considerations.

As companies consider investing in bitcoin or other cryptocurrencies, their finance and reporting organizations will need to have a clear understanding of the accounting and tax treatments these new assets require.

Prevailing accounting principles were, of course, largely established at a time when digital assets were not yet even contemplated. U.S. Generally Accepted Accounting Principles (GAAP) do not offer specific guidance for the treatment of digital assets, and, to date, the Financial Accounting Standards Board (FASB) has decided not to add a project on accounting for cryptocurrencies. For those reasons, a company’s accounting function must draw on existing U.S. GAAP to facilitate accounting for digital assets.

First, the accounting will be determined by what the company is accounting for. What is it investing in? If a company is not subject to specialized industry guidance, practice

Read More

Corporate Tax Senior job with Freddie Mac

At Freddie Mac, you will do important work to build a better housing finance system and you’ll be part of a team helping to make homeownership and rental housing more accessible and affordable across the nation.

Position Overview:
The Tax Accounting and Compliance team with the Corporate Controller – Finance is seeking a Corporate Tax Senior to join the team.
Our Impact:
The Tax Accounting and Compliance team is responsible for income tax accounting (ASC740) and related disclosure, the filing of various corporate tax returns, performing tax sensitive scenario and data analysis, and managing tax controversy matters.
Your Impact:
This position has various responsibilities, including income tax accounting, tax compliance, and collaborating with both finance and non-finance professionals across multiple business units, providing tax and other accounting support for business decisions. The right candidate will be a self-motivated professional with a passion for tax accounting, tax compliance, and tax analysis.

Read More

7 year-end tax moves for small business owners

You still have time to significantly reduce this year’s business income tax bill. Here are seven yearend moves to consider. But you’ll need to act fast. 

Thanks to the Tax Cuts and Jobs Act (TCJA), 100% first-year bonus depreciation is available for qualified new and used property that is acquired and placed in service (put into business use) in calendar year 2020. That means your business might be able to write off the entire cost of some or all of your 2020 asset additions on this year’s federal income tax return and maybe on the state return too.

So, consider making additional acquisitions between now and December 31. Contact your tax pro for details on the 100% bonus depreciation break and exactly what types of assets qualify. Hurry! 

2. Claim 100% first-year bonus depreciation for late-breaking real estate qualified improvement property (QIP) expenditures 

The 100% first-year bonus depreciation break is

Read More

Trump Accuses Judge of ‘Stacking the Deck’ Against Him in Tax Ruling

President Donald Trump’s lawyers on Friday accused a federal judge of “stacking the deck” against Trump in his long-running fight to block the Manhattan district attorney from getting his tax returns.

The assertion came in a legal filing in which Trump’s lawyers asked a federal appeals court to scrap a lower court’s decision that would allow the district attorney to obtain the returns and other financial records.

In a forceful and sharply worded brief, Trump’s lawyers said the judge, Victor Marrero of U.S. District Court in Manhattan, had given short shrift to their arguments that a subpoena seeking the tax returns was overly broad and amounted to political harassment.

The appeal was the latest turn in a protracted legal battle that began in August 2019, when the office of the district attorney, Cyrus R. Vance Jr., a Democrat, issued the subpoena to Trump’s accounting firm seeking eight years of the

Read More

Subscribe US Now