I have ideas for from an accounting side of things but once you’re a scale, wouldn’t probably be feasible and would need to be automated in some way. What questions do you have?

I’m looking for accounts to follow that are sharing their experience running regular businesses on a Bitcoin standard. Landscapers, painters, restaurants, dentists, etc. Please advise

There's changes coming to your tax reporting if you live in the USA. Starting in 2025 (returns filed in 2026), you will start seeing form 1099-DA's reporting the sales you have had. There are exceptions that will give the brokers another year to get in compliance, but you should give consideration to what your cost in your digital assets are if you haven't previously done so.

I will continue to note on this subject when I find information that might be useful. Feel free to ask questions if you have any.

Also I tried to note this using Highlighter.com but don't think it worked. Apparently I don't know how to use Hightlighter....

_________________________________________________________________________

IRS

Official Speaks on Final Digital Asset Regs

By Tim Shaw, Checkpoint

An IRS official shared preliminary

information on new digital asset tax reporting rules

and related guidance Friday afternoon with an audience of tax practitioners as

the regs were publicly announced.

The last panel of the New York

University School of Professional Studies 16th Annual Tax

Controversy Forum in Times Square, New York, began around 4 pm ET June 28 and

delved into compliance issues tax practitioners face when working with digital

asset clients. On the panel representing the Treasury Department was Trisha

Turner, senior advisor at the IRS Office of the Digital Assets Initiative.

During the presentation, Turner

notified attendees that the IRS was about to issue the finalized version of

digital asset reporting regs proposed last August that

implemented crypto-related provisions of the Infrastructure Investment and Jobs

Act (PL 117-58). The provisions

were delayed while the IRS worked to solicit input from industry stakeholders.

As promised, the regs (TD 10000) hit the Federal Register

minutes later, prompting audience members to scramble to their phones as the

IRS circulated a news release (IR

2024-178). The regs span

over 360 pages and reflect feedback across 44,000 submitted comments, as well

as a public rulemaking hearing

held in November.

"The final regulations require

gross proceeds reports for transactions taking place on or after January 1,

2025, [and] basis reporting by some brokers for transactions beginning January

1, 2026," said Turner. "At the same time, Treasury and the IRS are

issuing two notices which generally provide relief from failure to file and

failure to furnish penalties for 2025 transactions if the broker makes the

good-faith effort to file and furnish accurate" Forms 1099-DA, Digital Asset

Proceeds from Broker Transactions, "in a timely

manner." The notices "contain backup withholding relief for 2025 and

2026 transactions," she said.

Other panelists were asked for

reactions to the announcement by moderator Michelle Schwerin of Neill Schwerin

Boxerman PC, although no one at the time had gotten the chance to digest the

regs.

Latham & Watkins Partner Brian

McManus, providing his immediate reaction to the applicability date, said this

means that "about a year from now, there are going to be a lot of 1099s in

the system that are dealing with the extent that people have not been filing

over the course of the past several years." He added that the

"flood" of information returns will be riddled with incorrect

information. "There's going to be a lot of challenges" for brokers,

said McManus.

In response to McManus, Larry

Campagna — managing shareholder at Chamberlain, Hrdlicka, White, Williams &

Aughtry PC — said the remainder of 2024 is an opportunity for practitioners to

meet with clients "to anticipate what's going to come in 2025 and

2026," or "at least get them to make sure the 2023 and 2024 returns

were correct." Taxpayers should "go into the new reporting period

with their basis known," said Campagna.

Barbara Kaplan, a Greenberg Traurig

shareholder, agreed now is a good time to "sit down and plan your

strategy" for obtaining information before the rules take effect.

Continuing with how the final regs

addressed the "broad definition" of a digital asset broker in the

proposed rules, Turner said the final regs "only apply to brokers that

take possession of the digital assets." She explained that this includes

certain digital asset wallet providers, kiosks, and processors of digital asset

payments, or PDAPs.

Regarding non-custodial brokers,

meaning those that do not take possession of digital assets, Turner said that

Treasury and the IRS "need more time to study these industry participants

and the transactions they facilitate" before finalizing those reporting

rules. Also reserved are rules for foreign brokers, which will be covered in

"future regulations" to coincide with the Organization for Economic

Cooperation and Development's Crypto Asset Reporting Framework, commonly

referred to as CARF.

The final regs also omit a finalized

Form 1099-DA, the information return that will be used for reporting digital

asset transactions. A draft was recently

released, and Turner said there will be a 30-day comment period focused on

improving the form.

She declined to provide a specific

date for when the comment period will begin, but assured it is "going to

be coming up shortly."

Document Title:IRS Official Speaks on Final Digital Asset

Regs (07/02/2024)

Checkpoint Source:Federal Tax Updates

© 2024 Thomson Reuters/Tax & Accounting. All

Rights Reserved

I’ve never done beef ribs. I like to do pork baby backs.

The balance-sheet cheat sheet:

Hold hard assets and cash-flowing assets on the asset side and debt on the liabilities side.

Method: Use debt to obtain the best cash-flowing assets (real estate rental property for example) using as much of other people’s money as possible.

The hard part is finding assets which a positive yield. A higher return than your interest payments (cost of capital).

Save any surplus cash in hard assets. Do your own research but some examples are #bitcoin, rare art/cars/watches, #gold, S&P 500 index, short-term treasuries, etc.

Avoid holding much cash (the saying cash is trash comes to mind).

Repeat.

#learn #nostr #nostriches #pleb #plebchain #cheatsheet #fiat #assets #debt #value #dyor #wealth

Hey Tony, I’ve only cooked brisket once. My family didn’t get super excited about it due to how long it took to cook. I may try it again sometime but not planning to anytime soon.

Good day! This is #InkblotArt, the note that lets your imagination fly!

Today is July 1, 2024. Block height of 850222

What do you see in the blot? Comment and get a zap!

Yam or suman sa lihiya/ibus, espasol, or tamarind pulp?

let’s play the guessing game

can you guess what this is ?

*clue* it’s edible

I’ll gib 420 sats to the first person that answers correctly

Preview of the brisket I’ll be putting on Wednesday evening!

Been looking forward to this one. It’s been a while, about a year, since I last smoked a #brisket on the pellet grill.

Not going to lie, the prep for it is a bit of a pain but it’s worth it.

#foodstr #bbqstr #bbq #smoked #lowandslow #grill #grillstr #prime #beef #proofofsteak #nostr #pleb #plebchain

I TELL ANY CONTRACTOR I PAY THAT I WILL ADD 20% IF THEY ACCEPT BITCOIN.

SIMPLE. WORKS.

Does if feel like some people you know who were really smart 10 years ago have lost 20 IQ and act like complete idiots now?

Is it me who's changed, them, or both? 🤔

Yes, the video presented will make a resume for you.

Is a must read book if you really want to know in which world we are living.