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The Weekly Rundown: Bitcoin Tax Reform, Tax Extension For Hurricane Irma and much more

Important tax related news stories from the week of 09/11 - 09/17.

Last week was another jam-packed seven days of tax news.  If you missed it, don’t worry – we got you covered. These are the top headlines you might have missed from last week’s news coverage.

Could Tax Reform Bring Changes to IRS Rules on Bitcoin?

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Great article by Aaron Stanley over at Coin Desk about how tax reform may change the rules on the taxation of Bitcoin. Currently Bitcoin and other cryptocurrencies are taxed as property subject to capital gains rules. This makes reporting requirements a nightmare and the lack of guidance has left many wondering how to properly report their cryptocurrency activity. How might this reform come about? Nobody really knows. There possibly may be an exception for transactions below $600, or cryptocurrencies may be treated as a “foreign” currency subject to applicable tax rules.

IRS Extends Filing Deadlines to Those Impacted by Hurricane Irma

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For those who extended their tax returns back in March and April, you know the deadline is fast approaching (don’t remind me). But for those impacted by Hurricane Irma and Hurricane Harvey, the IRS is extending those deadlines to early next year. For the list of the few counties that are eligible, click the link here for Hurricane Irma, and here for Hurricane Harvey.

Chinese Crypto Crackdown is Not Fake News

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Amazing article by Vito Petan about China’s crackdown on crypto exchanges. To read the full article, click here. In short, China is shutting down crypto exchanges, which is devastating news for those who are investing in those exchanges. If you don’t already, make sure to give Vito a follow on LinkedIn by clicking on his name above.

Mnuchin Throws Shade at Accounting Firms

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“If you’re an accountant firm and that’s clearly income, you’ll be taxed an income rate, you won’t be taxed a pass-through rate,”

Michael Cohn from Accounting Today discusses the Treasury Secretary’s comments regarding tax cuts for manufacturing vs. professional service firms. Click here for the full article.

“If you’re a business that’s creating manufacturing jobs, you’re going to get the benefit of that rate because that’s going to be passed through to help create jobs and better wages.”

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