- info@kaizencpa.com
- Our Office: USA - Hong Kong - Shenzhen - Shanghai - Beijing - Taiwan - Singapore - Japan - UK
+852 2341 1444(Hong Kong)
Search for anything.
Knowledge
- Home
- Knowledge
- US Taxation
Federal Taxation of Bitcoin and Virtual Currencies
In 2014, The IRS issued Notice 2014-21 provides explicit clarification regarding the taxability of cryptocurrency transactions. Virtual currency is considered a capital asset for the majority of taxpayers, thus subjecting transactions involving virtual currency to the same general tax principles that govern property transactions.
Introduction to U.S. Partnership Schedules K-2 and K-3
Schedules K-2 and K-3 have been introduced for the tax year 2021. These schedules serve as replacements, supplements, and clarifications for the previous Form 1065, specifically Line 16, which pertained to Partners' Distributive Share Items and Foreign Transactions. The subsequent section will describe in detail the related schedules K-2 and K-3.
FASB Accounting Standard Update for Lessees
On February 25, 2016, the FASB (Financial Accounting Standards Board) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Under the new standard, Lessor accounting is substantially the same, however Lessees will recognize all lease assets and obligations on the Statement of Financial Position. Effective for all entities for annual periods beginning after December 15, 2022.
The Gig Economy in the United States
The phrase "gig economy" is initially used to describe employment opportunities such as working for rideshare companies like Uber or Lyft, However, it is important to note that the gig economy extends across various sectors and encompasses a significant portion of the labor force.
U.S. Tax Deductibility of Business Interest Expense
Section 163(j) of the Internal Revenue Code (IRC) states that business interest expense includes any interest paid or accrued on indebtedness that is "properly allocable" to a trade or business. In accordance with the Internal Revenue Code, the potential capitalization or general limitation of interest paid or incurred in a trade or business can impact its deductibility.
U.S. Tax Energy Credits Available to Businesses
With the aim of addressing climate change, the Inflation Reduction Act incorporates a range of tax incentives. The IRA increases the value of many existing energy tax credits, broadens the scope of activities eligible for such credits, and extends the duration for which these credits will remain in effect.
U.S. Tax Energy Credits Available to Individuals
When legislators contemplate the implementation of taxes, they take into account the necessity of taxation as well as its potential impact on consumer behavior. Increasing the availability of tax credits for energy-efficient products has the potential to incentivize consumers to increase their purchases of such goods.
Introduction to California's Sales Tax for Food Processors
In California, retail sales of tangible items are generally subject to sales tax. But some items are exempt from sales and use tax, including sales of certain unprocessed food or sales of items paid for with food stamps, etc.With all the above in mind, how do you deal with sales tax if you operate a food or food processing business in California?
Introduction about U.S. Marketplace Facilitators and Sales Tax
With the establishment of Economic Nexus, many states have enacted Marketplace Facilitator Acts (MFAs) that require some Marketplace Facilitators to be responsible for collecting and remitting sales tax on behalf of remote sellers. Marketplace Facilitators generally are required to obtain a seller’s permit or register a seller's sales tax number firstly for a marketplace or platform’s seller in a particular state
Introduction to American IRA
Individual Retirement Accounts (IRAs) are investment vehicles designed by the U.S. Congress to provide tax incentives to save for retirement. Assets in an IRA are typically managed by an account custodian and are invested as individuals based on goals and direct inputs. There are many types of IRAs, including some that offer tax breaks in the same year the money is deposited, and others that allow money to be withdrawn tax-free at any time.