

Year-End Tax and Financial Planning for Small Businesses
As we wrap up 2022, it’s important to take a closer look at your tax and financial plans and discuss steps that can be taken…
COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.
Beaird Harris is closed Wednesday, February 1st due to inclement weather.
During this time our team will be fully available via phone or email should you need assistance.
Beaird Harris will be closed Wednesday, November 23rd (at noon) through Friday, November 25th in observance of the Thanksgiving holiday.
We’ll reopen on Monday, November 28th at 8:30am.
Beaird Harris will be closed Friday, December 2nd for our annual Christmas celebration. We will reopen on Monday, December 5th at 8:30am.
Beaird Harris will be closed Monday, January 2nd in observance of the New Year.
The IRS recently issued new cryptocurrency guidance and is intensifying its efforts to identify taxpayers who bought or sold cryptocurrency and didn’t report it on their tax return. The following is a brief overview of the clarifications made.
What is the tax treatment of Cryptocurrency transactions?
For tax purposes, cryptocurrency is treated as property.
Unless you are a trader, for tax purposes, cryptocurrency is treated as a capital asset. Therefore, taxes are paid on gains and losses are subject to the capital loss limitation rules.
Hard Forks
In the cryptocurrency world, a hard fork occurs when the digital register that logs transactions of a particular cryptocurrency diverges into a new digital register. There are two types of hard forks:
The IRS has ruled that:
Specific Identification
When selling property, it is generally sold on a first-in, first-out (FIFO) basis unless the seller is eligible to use the specific identification method. The specific identification method is preferred because the seller has control over the amount of gain or loss the sale will generate. With FIFO, the seller does not have a choice.
To use the specific identification method, the seller has to either:
This information must show:
We encourage you to read the IRS’s Frequently Asked Questions on Virtual Currency Transactions to learn more about complying with the reporting requirements.
Do not hesitate to reach out to your Beaird Harris advisor to discuss your specific situation.
As we wrap up 2022, it’s important to take a closer look at your tax and financial plans and discuss steps that can be taken…
As we wrap up 2022, it’s important to take a closer look at your tax and financial plans and discuss steps that can be taken…
Here are three reasons why it may be helpful to have a living trust.
We’ll help you get started and learn more about Beaird Harris.
12221 Merit Drive, Suite 750
Dallas, TX 75251
Phone: (972) 503-1040
Fax: (972) 503-1120
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