Most digital asset investors and enthusiasts can’t wait to put 2022 in the rearview mirror. While it's hard to look away from the SBF/FTX collapse in November, that wasn’t the only impact from the meteor shower that was 2022. Before we say goodbye, let's take a look back at the big events that shaped the environment for digital assets this year.
Read PostThose paying attention to economic news may have recently come across information about CBDCs (central bank digital currencies).
Read PostSince the IRS treats cryptocurrency as property, you are required to track every transaction you make and calculate your capital gain or loss.
Read PostLast week saw the shocking and rapid disintegration of FTX and Alameda Research, the two vehicles controlled by Sam Bankman-Fried.
Read PostI hate to be the bearer of bearish news, but preparing your (or your clients’) crypto tax returns just got trickier.
Read PostLast Friday, two of the biggest names in crypto had a debate over the state of crypto regulation. The debate was sparked by an argument on Twitter, as Erik Voorhees, the head of crypto exchange ShapeShift, criticized Sam Bankman-Fried, head of 3rd ranked exchange FTX, for compromising too much in recent discussions with regulators.
Read PostGreyscale Investments has been in a long battle with the SEC to convert its widely held bitcoin investment vehicle, GBTC to an ETF structure
Read PostCredit card giant Mastercard announced a partnership with Paxos, the company behind the USDP and BUSD stablecoins, to offer secure crypto trading and services through banks.
Read PostThis week we take a close look at Circle, the company behind the second largest stablecoin, USDC, which has a current market cap of $46 billion.
Read PostThe IRS treats cryptocurrency as property and you are required to track every single transaction you make along with calculating your capital gain or loss. Let us say that you decided to use crypto to buy a cup of coffee at your local coffee shop. It is not enough to just save the receipt. You need to track the amount of capital you have gained or lost for each transaction.
Read PostThe US Federal Reserve announced that its real-time payment network, FedNow--10 years in the making--would launch in May or June of 2023. Is this Fed’s answer to crypto in a time of increasing scrutiny by the SEC and other global regulators?
Read PostThe Senate Agriculture Committee held an important hearing last week to discuss the Digital Commodities Consumer Protection Act (DCCPA), a bill to regulate crypto spot markets.
Read PostWe have given a lot of coverage to “The Merge” of the Ethereum blockchain in our Digital Assets Weekly Newsletter this year, and the merge finally happened yesterday. Ethereum holds a unique place in the cryptosphere as the second largest currency, and as the pioneer and still leading coin for smart contracts.
Read PostIn the US, copyright law protects original works that are created in any tangible medium. The law recognizes eight categories of tangible medium that are automatically protected by copyright...
Read PostTo fully understand NFTs, you need to understand licenses, types of copyrights, and transfers. In this first of a two-part series, we discuss copyrights and transfers of NFTs. First, let us look at what you buy when you purchase an NFT.
Read PostRebalancing a standard portfolio can be a challenge. Bond funds might be flat while stocks surge, as we saw for the past few years, or vice versa. Your carefully crafted 60/40 portfolio is out of balance and have significant tax implications on realized gains if you sell off stock to boost your bonds.
Read PostLast week, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned virtual currency mixer Tornado Cash, an Ethereum-based platform that mixes digital assets to hide the source of funds.
Read PostThe last few months have seen a brutal realignment and reassessment of the DeFi landscape. Starting with the Terra/Luna meltdown in May, the systematic deleveraging of interdependent DeFi lending platforms, and continuing through the recent series of hacks of bridge protocols, the DeFi proposition is rightly being called into question. So is DeFi dead?
Read PostETH has rallied substantially over the last few weeks as news broke surrounding the pending completion of the “Merge” as soon as September. There is no guarantee; however, this is a positive data point during a highly volatile period for digital assets.
Read PostWhile the digital asset markets have calmed over the last month, the news flow and activity has not abated. Two of the more recognizable names in crypto lending, Celsius and Voyager are under significant scrutiny by regulators. This past Friday, the FDIC issued a cease-and-desist order to Voyager- regarding any “false and misleading” statements regarding deposit insurance. The announcement by t
Read PostVenture Capital powerhouse Andressen Horowitz, also known as a16z, recently published “State of Crypto 2022”. Then they put their investors' money where their mouth is by announcing last week that they raised a whopping $4.5 billion for their fourth crypto venture fund. To put that in context, their first fund was for $300 million in 2016, the second was $550 million in 2020...
Read PostWrapping up our coverage of the Lummis-Gillibrand Responsible Financial Innovation Act, here is a review of Titles VII and VIII, Responsible Banking and Responsible Interagency Innovation.
Read PostIn an effort to address Californians’ growing inability to save for retirement, the state of California has implemented an initiative known as the CalSavers Retirement Savings Program, which requires businesses with five or more employees to implement a retirement plan before June 30, 2022.
Read PostOne of the most critical sections of the Lummis/Gillibrand bill discusses the plan for enhanced Consumer Protections within Digital Assets. The recent macro downdraft has brought turmoil to Stablecoins and Staking providers such as Celsius. We are here to discuss the key pieces of the proposed Consumer Protections.
Read PostAs part of our ongoing coverage of the Lummis-Gillibrand Responsible Financial Innovation Act announced last week, we examine Titles III and IV of the bill, which discuss “Responsible Securities Innovation” and “Responsible Commodities Innovation”.
Read PostThe long-awaited Responsible Financial Innovation Act was finally introduced this week, by Republican Senator from Wyoming, Cynthia Lummis, and the Democratic Senator from New York, Kirsten Gillibrand.
Read PostDigital assets are becoming more and more common, which means when you are planning your estate, you must document your Digital Assets. It’s difficult to attempt to name a beneficiary for accounts, such as revocable or irrevocable trusts. Given the popularity of crypto, though, it is likely that things will start to change in the coming years.
Read PostWe were watching the Crypto market with great interest during last week’s Terra/Luna meltdown and the precipitous drop in prices that it seemed to have caused. Many Luna investors were wiped out or suffered serious losses, and the ripple effects on other Stablecoins and crypto prices continue.
Read PostThe crypto complex was shaken this week as TerraUSD (UST), the largest algorithmic stablecoin in the crypto space, broke its peg to the US Dollar over the weekend.
Read PostCryptocurrencies have become quite popular today, not just as an alternative to fiat currency, but as investment tools. Many ways to build wealth with crypto exist, and one of the more interesting is called “staking”. Staking offers a chance to earn passive income but comes with implications for your tax situation and overall risk objectives.
Read PostYuga Labs, the team behind the enormously successful Bored Ape Yacht Club NFT collection, held an NFT virtual land sale over the weekend of Otherside, a metaverse-based game, which raised over $300 million in the biggest single NFT offering ever.
Read PostAs the second most valuable blockchain on the planet, Ethereum is already well known by people who invest in crypto. Anyone who follows Ethereum or other blockchains has likely heard the phrase "The Merge." The Merge is a massive tech upgrade going into effect potentially late in 2022, to change the underlying nature of the Ethereum blockchain.
Read PostThe residential housing market has been on a tear and if you sold your home this year, your tax planning should begin immediately. A lesser-known part of the tax code allows homeowners to exclude some gains on the appreciation of their home as long as they meet two requirements. The home sale exclusion allows single individuals to exclude up to $250,000 of a gain and up to $500,000 for couples.
Read PostFICA taxes, OASDI, Withholding, etc. Understanding the money taken out of your paycheck. It’s your first job. You eagerly await your first paycheck, excited to be earning money, only to find that what you know you earned and what you actually receive are quite different. Most individuals at some point have wondered what the various deductions and taxes that come out of their paycheck mean.
Read PostChild Tax Credit Payments start arriving today, July 15th. The child tax credit payments, which were enacted earlier this year, amount to $3,000 annually per child ages 6 to 17 and $3,600 annually for children under 6. Eligible families will receive half of their credit in the form of monthly payments of up to $250 per school-age child and up to $300 per child under 6 from July through December.
Read PostHealth care advancements over the past few decades have increased longevity, but also the need for having a detailed aging plan. Developing an Aging Plan should be a conversation with family members and a set of trusted professionals to ensure the wishes and needs of an individual or couple are accounted for well before an event occurs.
Read PostThe Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) provided relief and improved retirement plans and IRAs for millions of participants across the nation. A new and improved act, “Securing a Strong Retirement Act of 2020”, is designed to increase access to workplace savings plans and enhance retirement savings opportunities by incentivizing Americans to save...
Read PostFirst and foremost, please join us in saying goodbye to 2020. While markets may have ended up on the year, the path they took to get there was one of the most volatile and unpredictable in history. The last weeks of 2020 saw a staggering variety of world events: Brexit finally happened, countries around the world began to deploy various vaccines for COVID-19, and the US government was able to comp
Read PostIn 2020 we have seen many historic “firsts”, few of which can be categorized squarely as positive for either public health or the economy. One of these is an effect of the pandemic that we will call “trend acceleration”, for while many economists and analysts have discussed the idea it has not been formally given a “real name”.
Read PostThe most critical story of the year continues to be the race to create a comprehensive and safe vaccine for the Coronavirus.
Read PostAs we all know, our nation's small businesses are facing unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. We want to provide an overview of the various CARES Act and traditional SBA funding programs currently available to businesses.
Read PostIn December 2019, the SECURE Act was passed to change some of the longstanding rules that govern retirement plans. In a previous post we touched on a few of these changes, but with the end of 2020 already quickly approaching, let’s review some of the Act’s significant changes that likely could affect you or your family in future years.
Read PostLast quarter we explored and looked to explain the gap investors are experiencing between recent stock market performance (“Wall St.”) and the economic data we are experiencing in the broader economy (“Main St.”). In this article, we will expand on the path of economic recovery...
Read PostWe have spoken with many of you over the past weeks and months as we all navigate the challenging year that has been 2020. While happy to hear most are doing well, we know that doesn’t change the reality we face every day – there remains a great deal of uncertainty on many levels: economic, political, personal, and societal.
Read PostAn update Q&A on the latest ERISA requirements every employer needs to know for coronavirus-related distributions (CQDs). Excerpt from the Money Talks podcast hosted by our own Hugh Meyer and prior blog post guest writer, ERISA Attorney expert, Chris Roberts Partner at Mullen & Henzel, LLP.
Read PostWhether you are self-employed, a sole proprietor or an independent contractor with no employees, the paycheck protection program (PPP) is a COVID-19 relief program designed to help you survive the pandemic. Utilize the following highlights to help you successfully navigate the forgiveness process which began on August 10, 2020:
Read PostWhen we discuss the asset allocation and investing of your accounts, often a big component of what we think about and weigh has to do with risk management, and risk vs. return tradeoffs. The same principle applies when approaching, analyzing and monitoring your financial plan. Individuals and companies have a few options when it comes to how to handle risk; we can retain the risk, try to avoid...
Read PostFor many, 2020 has been a year of significant uncertainty from both public health and economic perspectives. Since the initial wave of financial market instability in March, we have seen equity and fixed income markets swing in response to changes in pandemic projections, US presidential election probabilities, corporate earnings, China-US trade negotiations, macroeconomic data, corporate...
Read PostThe great debate we are having internally, with our clients, and amongst industry peers is the growing disconnect between the broader economy, the stock market, and how much longer it can continue. In February and March, we experienced simultaneous supply and demand shocks that sent our economy off a proverbial cliff, with GDP for the 2nd quarter clocking in at -32.9% and unemployment holding...
Read PostWe are now several months into various stages of lockdown and it has been a challenging environment both for investing and living. Over the last three months, the global economy went through the initial pain of a sharp recession. The fear and turmoil of financial markets in March gave way to a significant recovery for much of the second quarter.
Read PostHaving a trusted financial advisor in your corner will help you in any stage of life, whether you're starting a family, approaching retirement, founding a company, or growing a business. But not all financial advisors are created equal. If you're looking for a financial advisor that will dedicate their time to making sure you get the maximum return on your investment—you want to hire a fiduciary.
Read PostThe CARES Act rewrites the rules on net operating losses, giving individuals and corporations more tax flexibility.
Read PostLike the Great Financial Crisis of 2008, the coronavirus panic has slammed into asset markets and the global economy. In times of panic, everyone from institutional to retail investors tend to rush for the exits, read: cash, or US Treasuries. This “flight to safety” phenomenon can create additional problems for financial markets as participants rush to sell certain “risky” bonds, loans...
Read PostAs a result of COVID-19 there have been a number of changes to the laws and regulations this year that could influence your financial life and strategies. Federal and local governments have also created or adjusted numerous programs that are changing the rules for 2020. While you have likely heard much about certain elements of the CARES Act related to the Payroll Protection Program...
Read PostOver the past couple of years, we have explored several themes that challenge core tenets upon which modern finance and portfolio theory have been built. Perhaps the most significant of these tenets is the subtle, but significant, difference between risk and uncertainty—and the resulting impact on markets.
Read PostIn the span of a few short months, the global economy fell into a deep recession of uncertain depth and duration. News headlines are universally dominated by the COVID-19 pandemic, its current effect on the health of our society, and its evolving impact on the global economy. The US has taken the lead with an unprecedented set of monetary and fiscal stimulus measures, closely followed by...
Read PostBy: Estate Attorneys: Jenna Glassock, and Bahar Geslin. As estate planning lawyers, one of the first questions we receive is “What can I do to best protect my family?” The onset and growth of COVID-19 has made that question increasingly relevant. This article is intended to give you an overview of estate planning and provide some counsel as to next steps.
Read PostWe had the opportunity to interview ERISA Attorney, Chris Roberts who is a Partner at Santa Barbara, CA-based, Mullen & Henzel, LLP regarding how the CARES Act can impact Qualified Retirement Plans and some responsibilities of plan sponsors.
Read PostIn addition to the Payment Protection Program (PPP) and the Economic Injury Disaster Loan Program, the Federal government through the Federal Reserve has unveiled details about an additional program to assist in getting loans to small and medium-sized businesses. This program, called the Main Street Lending Program (MSLP), was part of the approved funding outlined in the historic CARES Act past...
Read PostWhen stock markets experience sudden downturns, investors can feel anxious and make decisions detrimental to their long-term goals. After all, when you’ve worked hard for the money, it’s painful to see your account balances drop. This is a natural reaction, even with savvy investors who’ve experienced market volatility before. These extremes are enough to test your nerves.
Read PostThe past two weeks have been historic in many ways, especially with respect to financial markets and the swift decline we have seen from the highs of just 3 weeks ago. Now that we are faced with the reality of a worldwide pandemic, what comes next?
Read PostAnyone viewing recent news headlines has likely seen the negative market performance and fear surrounding the coronavirus outbreak. The market performance the past few days are the most volatile we've seen in the several years. In the post below, we share our views on the situation as well as some of the factors at play.
Read PostBrexit actually happened, did you miss it? One of the biggest headline stories of the last few years finally culminated on January 31st with the United Kingdom officially leaving the European Union. Other than trade tensions and global monetary policy, virtually no situation...
Read PostFear, uncertainty, volatility, panic—these emotions are nothing new to the world of investing. In fact, they seem to reappear on a fairly consistent basis. The outbreak of Covid-19 has brought them back with a vengeance, but wise investors know to stay the course, keep their emotions in check as much as possible, and take advantage of new opportunities.
Read ArticleNo financial plan is complete without an estate plan. Estate planning covers all aspects of your life, from creating your will to planning medical decisions. Due to the complex and emotional nature of estate planning, many people avoid creating or updating their estate plan. Though this is understandable, estate planning is an important part of your financial plan.More importantly, it gives you the peace of mind knowing your loved ones will be taken care of and your wishes followed. The following seven tips can help you address your needs when drawing up your estate plan.
Read ArticleAre you in the ‘Sandwich Generation’? If you have the responsibility of simultaneously raising kids and looking after your aging parents, then this article is for you. We know you have an extremely challenging lifestyle that requires a lot of resilience and patience, so this article will provide tips on how to better manage your day-to-day responsibilities. Forty-seven percent of American adults are in the Sandwich generation, and that number is expected to rise as Baby Boomers age. Americans live until 78 years old on average, so the amount of adults sandwiched between their parents and kids continues to grow.
Read ArticleDisorganized finances can make it difficult to plan and set your goals. Following a pattern of established management guidelines can help you stay on-top of your financial situation throughout the year. Whether you need to overhaul your budget, assess your credit standing, or get a better handle on your investments, stick to these 8 daily habits to make it easier to manage your financial life.
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