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UK tax authority more than doubles the number of ‘nudge' letters sent to investors
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Stock Market Today: Indexes Up In Strong Week On Trump News; Oracle Dives (Live Coverage) Investor's Business DailyBank stocks rebound Friday as credit fears ease AxiosInvestors Shudder at Signs of Loan Trouble in Banks The New York TimesWall Street has been worried about bad loans for weeks. Now those fears are spreading CNN‘The tide went out': How a string of bad loans has bank investors hunting for hidden risks
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Investors are focused on a specific type of lending made by banks to non-depository financial institutions, or NDFIs, as the source of possible contagion.
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SpaceX may be the highest-profile name in the space industry, but analysts say launch rival Rocket Lab Corp. provides an alternative for investors who wish they could invest in Elon Musk's privately held company.
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Dow jumps 300 points as bank credit concerns and China trade tensions ease: Live updates CNBCStock market today: Dow, S&P 500, Nasdaq wobble as Trump tamps down China threats amid regional bank jitters Yahoo Finance‘The tide went out': How a string of bad loans has bank investors hunting for hidden risks CNBCWall Street banks regain ground after global
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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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