Sills and Associates PA
4400 Silas Creek Parkway
Suite #200
Winston-Salem, NC 27104
(336) 768-3290
Got crypto? — Beware of tax surprises when dealing with cryptocurrencies

In recent years, interest in cryptocurrencies, such as Bitcoin and Ethereum, has exploded. Once viewed as a novelty, these currencies are increasingly entering the mainstream as an investment or an alternative currency. For those who’ve jumped on the cryptocurrency bandwagon, it’s important to understand the tax implications. This article explains potential tax liabilities when using cryptocurrency. A brief sidebar details the tax reporting requirements.

Wealth protection — How to shield assets from creditors’ claims

Generally, most people concentrate their asset-protection efforts on insulating their personal wealth from frivolous lawsuits or other claims. But if a significant portion of a person’s wealth is invested in a business, it’s equally important to protect its assets from unreasonable or excessive creditor claims. This article examines several asset-protection strategies available for a wide range of assets.

Employer-provided child care credit helps businesses help their workers

The COVID-19 pandemic has led to a significant increase in the number of employees working from home. Given the convenience of remote work, especially for parents of young children, employers of in-person workers are under increasing pressure to provide child care. Fortunately, the tax code provides an incentive, in the form of the Section 45F employer-provided child care credit. This article details the qualification for the Sec. 45F credit.

Tax Tips

These brief tips detail specific tax scams to be on the lookout for; explain the benefits of an ABLE account; and discuss recent Multistate Tax Commission guidance on the Interstate Income Act.

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