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The 2022 crypto price crash understandably has some investors concerned. But for those of you who haven't run for the hills, it's worth knowing that cryptocurrency currently has the attention of not only the Biden administration, and Congress, but the IRS as well. In terms of crypto news and taxes, the IRS recently proposed changes to cryptocurrency tax reporting question on the Form 1040. The agency will also receive $80 billion from the Inflation Reduction Act, some of which will be directed to digital asset enforcement—including cryptocurrency tax compliance.
Additionally, you may have heard that the IRS continues to successfully obtain court orders to require cryptocurrency brokers and exchanges to provide information to the IRS. That information concerns investors who failed to report and pay taxes on cryptocurrency transactions.
And while this IRS enforcement focus isn't new, recent crypto announcements and developments from Congress, the Biden administration, and the IRS, mean that it's important to stay up-to-date on crypto tax reporting and compliance. So, here's some information to get you started.
How Crypto is Taxed
A common question about cryptocurrency concerns how crypto is taxed. The answer is that cryptocurrency is considered property, so it's taxed by the IRS in the same way that other capital assets are taxed. As a result, when you sell or trade crypto, you can have asset losses and potential taxable gains depending on the fair market value of the virtual currency, and your basis in the crypto.
SEE MORE 9 Ways to Cut Crypto Taxes Down to the Bone
Given that, it
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Volvo has unleashed a big improvement in customer satisfaction after equipping its 1,500 service engineers with an Apple Watch to use during their day. What, on the face of it, seems a small change reflects extensive cultural change across the company, which is actively engaged in digital transformation across its business.
What can an Apple Watch do for car servicing?
Volvo has equipped its engineers (Personal Service Technicians) with an Apple Watch and iPhone (running the Volvo Service app) to help them work more efficiently than before. The company's primary focus is to improve customer service, as it recognizes that technicians are the main point of customer contact across the life of the Volvo they drive.
To read this article in full, please click here
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