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Kate Lynch

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Kate Lynch is a former Learning Support Assistant at Wallenpaupack Area School District . There are multiple professionals named Kate Lynch on LinkedIn .6 One profile with the username "kate-lynch-b0a920149" lists her experience at Wallenpaupack Area School District .4 Another Kate Lynch is a Senior Manager, Co-Sell Initiatives at Amazon Web Services (AWS) .2 Yet another Kate Lynch is a Senior Manager of Growth Marketing at The Expert .3 There is also a Kate Lynch who is an Assistant Principal at NYC Department of Education .5 Additionally, a Kate Lynch was included on the Wallenpaupack Area High School honor roll in 2023 .1

Highlights

Jan 22 · linkedin

"If your business is considering or is already accepting cryptocurrency as a payment method from customers or clients, your taxes may be slightly more complicated this year, but you are not alone.

All revenue earned from cryptocurrency has to be treated like a cash transaction. This process is simplified by the fact that most merchant wallets automatically convert cryptocurrency to cash.

So, when you receive ACH payments from your wallet account, you can simply categorize the transactions as revenue and include it in your gross revenue numbers. All cryptocurrency sales are taxed at the normal corporate tax rate of your corporate structure.

However, if you fail to convert your cryptocurrency immediately to cash, your taxes become a bit more convoluted. Cryptocurrency is considered property by the government, and any gains in the value of your cryptocurrency is taxed as capital gains". - Patrick Camuso, CPA

#cryptocurrency #tax #taxplanning #CamusoCPA

Jan 18 · linkedin

Properly tracking and reporting your cost basis for your cryptocurrency purchases is imperative to protect your assets from penalties and interest as a result of underreporting.

When analyzing cryptocurrency portfolios our starting point is the last ending tax year’s cost basis for each asset which is considered along with all relevant transactions from the current year to arrive at both an ending tax liability and ending cost basis for each respective asset you are holding.

This means that if you did not track your cost basis correctly in prior years or did not report it that your portfolio calculation for years following that will also be incorrect.

#cryptocurrency #tax #taxplanning #taxes #trading #blockchain #irs

It is clear that, with the huge price declines in cryptocurrency markets during 2018, many people will be considering harvesting losses and reporting this for a tax benefit.

If you did not report crypto activity up to now or tracked your cost basis improperly, those choosing to reveal losses this year will be at a high risk of audit and tax penalties. Taxpayers that have not previously reported will also need to report their crypto transactions every year going forward.

Related Questions

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Kate Lynch
Kate Lynch, photo 1
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Location

Charlotte, North Carolina, United States