Micah FraimIRS Breaks Silence on Staking IncomeThe IRS has finally issued guidance on staking income. They state that cash-basis taxpayers must report the staking rewards when they have…Dec 8, 2023Dec 8, 2023
Micah FraimThe Big List of Tax Deductions for Small BusinessesThese are the questions I get asked more than anything else in my CPA firm:Dec 7, 2023Dec 7, 2023
Micah FraimFirst Words From IRS on NFT TaxationThe IRS has finally broken its silence on the taxation of nonfungible tokens (NFTs) — at least partially. Notice 2023–27 gives us some…Nov 15, 2023Nov 15, 2023
Micah Fraim“What Have You Done For Me Lately?” — A Fresh Look“How much you want to make a bet I can throw a football over them mountains? Yeah. If coach would’ve put me in fourth quarter…we’d have…Mar 29, 2023Mar 29, 2023
Micah FraimIRS Says Decline in Crypto Value Is Not a Tax DeductionThe IRS has stated that a decline in the value of a cryptocurrency or NFT does not qualify as a loss under IRC section 165. Actually…Feb 3, 2023Feb 3, 2023
Micah FraimIRS: Appraisals Required to Deduct Crypto DonationsQualified appraisals are required for any donation of cryptocurrency exceeding $5,000. The IRS also noted that if a taxpayer failed to…Jan 26, 2023Jan 26, 2023
Micah FraimCasualty and Theft Losses From Crypto Exchange FailuresThere is no clear consensus on whether or not crypto investors are able to take casualty or theft losses for funds held on defunct crypto…Nov 14, 2022Nov 14, 2022
Micah FraimNo Staking Clarity After Jarrett Lawsuit DismissalLast year we wrote a series of articles talking about the Jarrett v. U.S lawsuit and its implications for the taxability of staking income…Nov 7, 2022Nov 7, 2022
Micah FraimLessons in Automation From a 17th Century Painter“He was able to turn out thousands of paintings over his lifetime while his contemporaries were lucky to turn out a hundred” — Mike…Oct 13, 2022Oct 13, 2022
Micah FraimTax Write-Offs for Crypto Held on Insolvent and Bankrupt ExchangesCrypto investors are likely to get tax write-offs from assets held on insolvent exchanges, but they are probably going to have to wait a…Aug 1, 2022Aug 1, 2022
