Gordon Law Group

Were you surprised by the bonus that hit your bank account vs. the amount you were told you'd receive? Unfortunately, it's probably not a mistake. Here's why it seems like bonuses are taxed higher than normal paychecks (although they're not, really):

As we enter 2025, let's take a look back at our top 10 most popular blog posts of the past year! 🏆 It's no surprise that crypto taxes and international taxes dominate the list—these are two of the most confusing areas of tax law. 1. How Is Crypto Taxed? https://lnkd.in/egscfzND 2. FBAR Filing Requirements https://lnkd.in/eQmTWGfY 3. Guide to IRS Form 8858 (for Foreign Disregarded Entities) https://lnkd.in/eXrTgi9C 4. Form 1099-DA: Comprehensive Guide and Latest Updates https://lnkd.in/eYw6FTxS 5. Could Puerto Rico Be Your Crypto Tax Haven? https://lnkd.in/eHpJZ9DH 6. Guide to IRS Form 5471 (for Foreign Corporations) https://lnkd.in/eQEMM7ub 7. Crypto Cost Basis: Easy Guide to Methods and Calculations https://lnkd.in/ee-BW9VP 8. How to Stop Illinois Department of Revenue Collections https://lnkd.in/eezmEBP3 9. Coinbase Taxes 101 https://lnkd.in/e5Ck4Wq8 10. Crypto Staking Tax Guide https://lnkd.in/ekdBYKwC We have a HUGE library of tax guides and legal insights on our blog, and we're always adding more. So if you ever have tax questions, search on GordonLaw.com first—you'll probably find your answer. Have a request for a topic we should cover? Let us know!

Good news, business owners: The BOI filing deadline has been extended for companies formed before January 1, 2024! Your new deadline is January 13, 2025. Many business owners have been confused and concerned by the new BOI reporting requirements that took effect this year. This filing is very simple, but the fines for late filing are steep at $591 per day! Don't wait—file your BOI report now, and reach out to our team if you have any questions. Learn more about your requirements in our blog: https://lnkd.in/eyf8BT7s

The IRS' Safe Harbor lets you allocate unused cost basis to specific wallets using prescribed methods like Global Allocation or Specific Unit Allocation. Follow these steps and get it in writing by the end of the day TODAY to take advantage!

The IRS has provided a Safe Harbor, an opportunity for crypto investors to allocate or determine how they want their cost basis ordered as they start to sell in the future. This determination and allocation has to be done and in writing before December 31st.

🚨Crypto emergency!🚨 Crypto Investors MUST comply with the IRS Safe Harbor by Dec. 31 to avoid penalties and optimize your cost basis for digital assets. Watch this video to learn what you need to do! https://loom.ly/SuU9kUE

🚨 Urgent - Don't miss this one-time opportunity for crypto tax savings! What to Do Before December 31, 2024: 1️⃣ Identify all wallets and accounts where you hold crypto. 2️⃣ Document token balances with timestamped screenshots. 3️⃣ Complete your Safe Harbor Statement, detailing your cost basis allocation method and attaching your records. 🛠️ To help, we’ve created a free Safe Harbor Statement template you can download here: https://lnkd.in/gUs3FFgf

While taxes may be the last thing you want to think about this holiday season, if you don't watch this video and take action before December 31st, it could be the difference between paying a substantial amount of taxes next year on your crypto earnings and paying nothing at all. https://loom.ly/SuU9kUE

🎅 Naughty or nice? When it comes to taxes, the IRS has been making a list—and checking it twice. How does your tax compliance stack up this year? For crypto investors, this means reporting every taxable transaction: • Did you sell, swap, or trade crypto? • Did you stake or earn rewards? • Did you purchase goods (including NFTs) or services using crypto? • Did you gift or donate cryptocurrency? Each of these can have tax implications, and the IRS is ramping up enforcement on crypto reporting. High-net-worth individuals (HNWIs) and those with complex portfolios face even greater scrutiny. From navigating offshore accounts to managing multi-state income, staying compliant is no small feat. If you’re unsure whether your records are up to date or you’re looking for strategic ways to reduce your tax burden, we’re here to help. Let’s make sure you stay on the IRS’s “nice” list this season—and every season! 🎄

Wondering what really happens in a cryptocurrency tax audit?