Anderson & Jahde

What happens with your cryptocurrency if you get disabled or die?  Cryptocurrency is hard to keep track of during life and at death, and many people do not understand this type of digital asset.  The importance of keeping track of your cryptocurrency during life involves keeping good records of your trading history, choosing the right exchanges and being secure, staying aware of updates on exchange policies and tax law, and tracking wallet addresses for coin, token, and mining transactions.  How …

Do you Need A Cryptocurrency Trust? Read More »

We are frequently asked about the tax consequences of receiving a judgment or settlement in a lawsuit.  Damages received as the result of a breach of contract or property damage have always been, and continue to be, taxable.  For personal injury actions, however, the tax consequences have changed quite a bit over the last 20 years. Prior to 1996, if someone received an award for personal injuries, other than punitive damages, all amounts received were not taxable and/or were excluded …

Taxation of Litigation Awards and Deductibility of Attorneys’ Fees Read More »

You owe the IRS money.  You know you owe the IRS money.  You may have even set up an installment agreement with the IRS that you have been faithfully paying for a while.  But the next thing you know, your phone is blowing up, and your mailbox is overflowing with unsolicited ads from any number of the thousands of “tax resolution” or “tax relief” companies around the country. The messages take many forms.  Some seem to be nice and helpful …

Beware of Tax Resolution Companies Read More »

The IRS recently began sending letters to virtual currency owners, notifying them of potential failures to include, or correctly report, virtual currency transactions on their income tax returns.