March 2022 - AFSG Consulting

Money received through ‘crowdfunding’ may be taxable… Gifts vs. Income?

By Lauryn Charles|2022-03-22T08:41:50-04:00March 24th, 2022|Individual Income Tax|

Source: IRS.gov Issue Number: FS-2022-20 Inside This Issue Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping Understanding Crowdfunding Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited [...]

Tax Reporting for Virtual Currency

Confused about your gains and losses from Virtual Currency transactions? We can help! The IRS recently published an article reminding taxpayers about reporting your crypto transactions on your tax return. Source: IRS.gov Issue Number: IR-2022-61 IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on [...]