Accounting for Crypto
Cryptocurrency is a relatively new monetary instrument that has the potential to change the way we do business and transact currency across the globe. Often misunderstood or misvalued, it’s been at the crux of financial frauds and institutional collapses. It badly needs boundaries, categorization, and established policies for both trading and holding the currency. If […]
Accounting Method Changes for Small Business Taxpayers
Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable small business taxpayers, not a tax shelter, to obtain automatic consent to change to simplified methods of accounting, i.e., the cash method of accounting. These changes: Modify existing automatic method changes; Add several new automatic […]
