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Oil on track for record monthly surge as Iran war disrupts markets The GuardianAnalysis: A new oil shock is building. The next few weeks of war will be decisive for the economy. CNBCU.S. Oil Prices Surge Back Above $100 a Barrel After Rubio Names New Worry Barron'sOil has surged since the Iran conflict, but gas prices may not be done rising foxbusiness.com
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The Strait of Hormuz Energy Shock Is About to Head to the West Bloomberg.comGoldman Sachs now reckons that oil could take out the 2008 record of $147 Financial TimesThe Oil Supply Crunch Is Spreading From the Gulf to the Rest of the World WSJThe Cushion Is Gone and the Oil Market Is Now Exposed Crude Oil Prices Today | OilPrice.com
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How Wil Dow Jones Futures, Oil Prices React As U.S. Mulls Ground Troops In Iran? Investor's Business DailyStocks Keep Falling as Investor Lose Patience With the War in Iran The New York TimesDow tumbles almost 800 points and enters correction, S&P 500 posts fifth straight losing week: Live updates CNBCMarkets plunge and U.S. oil hits $100 as Trump fails to reassure Wall Street NBC News
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Dividend stocks are closing the earnings growth gap with tech stocks, a reason for investors seeking safety in a volatile market to favor income opportunities.
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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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