Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal income tax implications that may surprise you. With increasing market acceptance and the skyrocketing price… Continue reading

If you’ve had to lay off employees as far back as November 1, 2019, a tiny portion of the $1.9 trillion American Rescue Plan Act (ARPA) might go to them. That’s the good news for eligible former employees. The bad news for employers is that your company will have some administrative responsibilities to see that… Continue reading

As the COVID-19 pandemic taught many Americans, serious illness may strike at any time and any age. Of course, in ordinary times, older Americans are at risk of becoming physically or mentally incapacitated. If you haven’t thought about who’ll handle your personal and financial affairs in the event you can’t, give it serious consideration now.… Continue reading

In January 2021, online day traders trapped institutional short sellers in a short squeeze by buying up shares of the video and computer game retailer GameStop. This episode brought attention to a number of issues including the distinction between securities traders vs. investors for federal income tax purposes. Traders are eligible for favorable federal income… Continue reading

Employees are more likely to behave honestly on the job when they believe an employer is committed to their well-being and career advancement. That’s what a survey of supermarket employees found . It was conducted by the Workforce Development Group, the Food Marketing Institute and Purdue University. The study concluded that employees who have positive… Continue reading

As millions of people sign up for COVID-19 vaccines across the United States, dishonest people see yet another opportunity to defraud, cheat or steal from unsuspecting victims. Don’t let yourself be swept up in these types of scams. Too often, these con artists make promises that they can’t keep, including offers of faster access to… Continue reading

The earned income credit (EIC) has been around for years. But it’s never been worth as much as it will be for 2021 under the new American Rescue Plan Act (ARPA). Some favorable changes are only for the 2021 tax year; others are permanent. Here are the details.     Important: Many people report too much income to… Continue reading