Are you a New Year’s resolution kind of person? It may not surprise you to learn that one of the most common resolutions is better financial management. Whether or not you’re the resolution type, any time is a good time for better money management. In this post, Edgewater CPA Group provides tips and tricks to help you achieve your financial goals.
Investors and technology gurus remain excited about the world of cryptocurrency and other emergent technologies. While cryptocurrency provides an innovative, novel technological investment strategy, investors should remember that the IRS requires reporting and taxes. At Edgewater CPA Group, we encourage clients to have proper safeguards to earn a proper return and report the results. To that end, this post covers some of the misconceptions about cryptocurrency investments and how to mitigate their risk.
Cryptocurrencies are an elusive mythical creature for some, but for others, they are a viable investment strategy that carry a huge gains potential. For the latter, investors tend to assume the higher risk that goes along with the possibility of substantial returns. Fraud does not constitute a major component of risk assessment when it comes to most investments. However, Edgewater CPA Group wants you to know some cryptocurrencies are rife with fraud, and a new term has even been coined: cryptofraud. Here are the top three ways cryptofraud occurs.
Virtual currencies, also called cryptocurrencies or e-currencies, might be relatively new to the world of finance, but they are becoming more common. Bitcoin, for example, is being accepted by retailers as payment and used to pay employees. Some people are holding virtual currencies as capital assets. Regardless of how you use e-currencies, they may be subject to taxation by the IRS. If you are exploring cryptocurrencies, now would be a good time to talk to the team at Edgewater CPA Group about how you can plan for your 2020 taxes.
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