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profit Archives - Lipsey And Associates

Will the loss of the Business Entertainment Deduction affect business decisions?

One of the material changes made to the tax code resultant of the 2018 tax reform is that the business entertainment deduction has been suspended until 2026. It’s not just large enterprises that are affected by this law, but also small businesses, freelancers, solopreneurs, and other self-employed individuals who may now be changing their plans and budgets depending...

Tax treatment of Cryptocurrency sales and exchanges

Cryptocurrency, such as Bitcoin, Ethereum, Monero, and Litecoin among others, has picked up major traction in recent years to the point that it has become a major concern for tax and accounting professionals, the authorities, and cryptocurrency users themselves. People started using cryptocurrency to save money on cash remittances outside the country (for example, a $200 cash transfer to the...