News & Analysis as of

Income Taxes Crowdfunding

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Foodman CPAs & Advisors

Formulario 1099-K 2023: Aclaración Del IRS

El 2/6/24, el IRS publicó preguntas frecuentes (FAQs) nuevas y actualizadas sobre el Formulario 1099-K 2023 dado que el 21 de noviembre de 2023 (a través del Aviso 2023-74) el IRS anunció que el año calendario 2023 también...more

Foodman CPAs & Advisors

Form 1099-K 2023 IRS Clarification

On 2/6/24, the IRS released new and updated FAQs regarding Form 1099-K 2023 given that on November 21, 2023 (via Notice 2023-74) the IRS announced that calendar year 2023 would also be a transition year for third party...more

Foodman CPAs & Advisors

IRS Issues Another Crowdfunding Reminder

Due to the popularity of crowdfunding as a venue to raise money online, for the second time in 2022, the IRS has issued News regarding how money raised through crowdfunding may be taxable....more

Bowditch & Dewey

Tax Tips for GoFundMe Donors and Organizers

Bowditch & Dewey on

Since January of 2020, over 175,000 COVID-19 related GoFundMe campaigns were created, raising more than $416 million. While donors may be feeling charitable, they should know that their contributions are likely not...more

Coblentz Patch Duffy & Bass

Thinking of Crowdfunding Your Project? Beware – the Taxman Cometh

The IRS Office of Chief Counsel recently released Information Letter 2016-0036 in response to questions regarding the taxation of crowdfunding revenue. In it the IRS concluded that crowdfunding revenue is taxable to the...more

Clark Hill PLC

It’s a Wonderful Life – Or is it? The Taxation of Crowdfunding

Clark Hill PLC on

Every holiday season, I, like many other Americans, watch Frank Capra’s classic, It’s a Wonderful Life. While the movie has a number of iconic scenes, the most heartwarming scene occurs at the end, as the citizens of Bedford...more

Gray Reed

Crowdfunding And Taxes In Kickstarter: Everybody Wants Their Share

Gray Reed on

The Crowdfunding movement has moved from an internet e-commerce buzz word to an actual viable way for everyone from the smallest of artists to high profile actors to get funding for a project that otherwise wouldn’t happen. ...more

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