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Nike has shown some gains in North America, its largest market, amid its turnaround, but the strength was offset by weakness in China.
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Energy stocks have fared well as crude-oil prices have shot up, but one other industry group has also done well since the U.S. and Israel attacked Iran on Feb. 28.
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Live Updates: Iran war pushes gas price over $4 a gallon as Trump mulls dropping Strait of Hormuz efforts CBS NewsExclusive | Trump Tells Aides He's Willing to End War Without Reopening Hormuz WSJIIran-US war latest: Trump tells allies and UK to ‘get your own oil' The IndependentTrump Lashes Out Again at Europe for Its Lukewarm Support Against Iran The New York Times
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President Donald Trump has reportedly told aides that he's willing to end the U.S. military campaign against Iran even if the strait remains largely closed.
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Stock Market Today: Dow Gains 1,100 Points Amid Huge Recovery; Micron, Nvidia Score Big Wins (Live Coverage) Investor's Business DailyStocks Recover Sharply Amid Hope for Iran War's End The New York TimesJim Cramer: Three ways the stock market will flip if the U.S.-Iran war ends CNBCThe Dow surges more than 1,100 points as Wall Street soars to its best day since last spring AP News
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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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