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MarketWatch MarketPulseSep 30, 2022
Market Extra: ‘Painfully slow capitulation': Why investors keep getting inflation wrong
Getty Images/iStockphotoA brutal third quarter in financial markets is about to come to a close and one thing is overwhelmingly clear: Inflation is the single most important factor driving financial markets right now and yet few, if any, people seem able to get it right.The reason? Professional forecasters, policy makers and traders all keep dismissing the way inflation behaved in the 1970s, according to BofA Securities global economist Ethan Harris. That's when inflation — fueled by the war in Vietnam of the previous decade — proved to be unrelenting, forcing three different Fed chairmen to push interest rates above 10% until the fever of rampant price gains finally broke in the 1980s.Read:Investors may be in for a rude surprise: History shows inflation can take years to return to normal even when the Fed hikes interest rates above 10%Friday's data releases only underscored the resiliency of inflation: U.S. stocks wavered on a hotter-than-expected reading within the personal-consumption expenditures price index for August, just as the eurozone reported a record 10% annual inflation rate this month that was driven by an energy crunch. Meanwhile, economists, policy makers and traders are all factoring in a path for U.S. inflation that falls toward or below 3% in 2023.The ramifications of underestimating inflation's persistency are huge for financial markets, creating the potential to add further losses on top of the trillions of dollars of destruction in U.S. wealth that has already occurred in 2022. It's been the worst September for U.S. stocks since 2008 through Thursday's close, and financial markets are on track for their worst year in at least a half-century. The ordinarily safe world of global bonds fell into its first bear market in 76 years this month, as traders and investors brace for a period of continued rate hikes by central banks. And the dollar — the undisputed winner of 2022's extreme volatility — is at 20-year highs, leading to speculation about w

KiplingerSep 26, 2022
Got Crypto? The IRS Really Wants to Know
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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