The federal government will soon be increasing its regulation of cryptocurrency. Starting in January 2023, crypto brokers must observe new tax reporting requirements. These include providing investors with IRS Form 1099-B, which documents crypto profits and losses. Buying crypto generally isn’t taxable. However, trading it, converting it to cash and using it for purchases, may be. Regardless of the specific activity, investors must disclose any crypto ownership by checking a box on their tax returns. The new regulations are expected to yield $28 billion in new taxes over a decade and close several loopholes. More regulations from the IRS and SEC may be forthcoming. We’ll keep you posted. In the meantime, feel free to reach out to us with questions. © 2022
Cg is a Premier Accounting Firm in NJ
Cg is a top accounting firm in NJ, with locations in Tinton Falls and Toms River. Our certified public accountants provide accounting and tax services across the NJ, NY and CT area. The philosophy here at Cg is simple: Gather the best and brightest accomplished financial consultants from several industries. Develop a deep understanding of the client’s needs, operations, business strengths and weaknesses. Provide accurate assessments and evidence-based strategies to offer the most advantageous options for them.
Accounting firms are not all created equal. You need an accredited team with specialized industry expertise and the financial acuity to ensure your success. That’s exactly what Cg provides to every one of our clients. We are backed by four decades of experience and take a practical, results-oriented approach with a focus on increasing profitability.
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