Tax rules for online sellers, marketplace income and Form 1099-K, creators, gig workers, and businesses that accept or pay in cryptocurrency.
14 guides, each reviewed by a CPA licensed in the US and Canada.
Cryptocurrency is property for tax purposes (IRS Notice 2014-21). Every sale, trade, or use of crypto to pay for goods/services is a taxable event.
Small Business & BookkeepingThe IRS classifies cryptocurrency as property under Notice 2014-21, not currency. Every sale, trade, or use of crypto in a business is a taxable event.
Small Business & BookkeepingCryptocurrency received as payment is ordinary income at FMV on the date received. Selling crypto triggers capital gains or losses.
Small Business & BookkeepingCryptocurrency mining conducted as a trade or business (not a hobby) generates ordinary income equal to the fair market value of the coins at the time.
Small Business & BookkeepingCryptocurrency is treated as property by the IRS, not currency. Every sale, exchange, or use to pay for goods/services is a taxable event.
Small Business & BookkeepingCryptocurrency is treated as property (not currency) for U.S. federal tax purposes under IRS Notice 2014-21. The IRS treats cryptocurrency as property.
Small Business & BookkeepingThe IRS treats cryptocurrency and other digital assets as property, not currency, meaning every transaction involving crypto is a taxable event.
Small Business & BookkeepingCryptocurrency received as payment for goods or services is taxable income at fair market value on the date received. Crypto tax events for small.
Small Business & BookkeepingAccepting crypto as payment is a taxable event (income at FMV on receipt). Paying employees or contractors in crypto requires W-2/1099 reporting.
Small Business & BookkeepingBusinesses that accept cryptocurrency as payment report the FMV as ordinary income. Crypto held as an investment is subject to capital gains tax.
Small Business & BookkeepingSmall businesses that accept cryptocurrency as payment must report the fair market value as income. Crypto mining is self-employment income.
Small Business & BookkeepingBusinesses that accept cryptocurrency as payment for goods or services must recognize ordinary income equal to the fair market value of the cryptocurrency.
Small Business & BookkeepingCryptocurrency is treated as property (not currency) for federal tax purposes under IRS Notice 2014-21. Cryptocurrency tax events for businesses.
Small Business & BookkeepingFreelancers and gig workers face self-employment tax, quarterly estimated payments, and deduction tracking that W-2 employees never deal.