New opportunities for digital asset advisory services

Category: Finance

The IRS has introduced new regulations for reporting digital asset transactions, significantly impacting tax and accounting practices. Accountants must prepare for increased client inquiries and adapt to the complexities of digital asset taxation, including the filing of Form 1099-DA. By mastering these regulations, firms can enhance their advisory roles and provide strategic guidance to clients on tax-efficient strategies and compliance.

Keywords: Digital Assets, IRS Regulations, Tax Reporting

Source: Thomson Reuters Tax & Accounting

Update At: 12/28/2024

Related Sources

Nikkei 225 falls more than 5%, hovering near bear market territory, as Asia-Pacific sell-off continues

Asia-Pacific markets are experiencing a sell-off, particularly in Japan where the Nikkei 225 and Topix have dropped significantly, nearing bear market territory. Key trade data from China and Taiwan, along with central bank decisions from Australia and India, are anticipated this week.

CNBC

Japanese Stocks Tumble, Leading Equities Selloff: Markets Wrap

Stocks experienced a significant selloff due to concerns over the Federal Reserve's inaction on a slowing US economy, with Japanese shares dropping for a third consecutive day amid expectations of further domestic rate hikes.

Bloomberg

Stocks slugged by US recession risk, bonds bet on rapid rate cuts

Asian share markets declined as fears of a potential U.S. recession increased, leading to a significant drop in Nasdaq and S&P 500 futures. Bond yields fell sharply, with analysts predicting interest rate cuts from the Federal Reserve. Goldman Sachs raised recession odds to 25%, while JPMorgan estimated a 50% chance. The dollar weakened against major currencies, and commodity prices fluctuated amid geopolitical concerns.

Yahoo Finance

Investors take long-term view as rate hike whipsaws Japan

Japan's recent rate hike led to significant market volatility, with the benchmark index experiencing its largest drop in eight years. Despite this, some investors remain optimistic about the long-term prospects for Japanese stocks, citing potential economic growth driven by corporate pricing power and increased wages.

The Japan Times

Japanese Stocks Tumble 6% as Long-Running Surge Falters

Japanese stocks experienced a significant decline, with the Topix index falling 6.1% and the Nikkei 225 index dropping 5.8% due to panic in the markets following the Bank of Japan's interest rate hike. Concerns about the economy and the tech industry in the U.S. further exacerbated the situation.

The New York Times

Japan’s stock market plunges over US economy fears

Japanese stocks experienced a significant decline, with the Nikkei 225 index dropping 5.81% and the Topix index falling 6.14%. This downturn follows a drop in Wall Street shares due to concerns about the US economy and a stronger yen. The market sentiment is cooling following the Bank of Japan's rate hike and weak manufacturing data from the US, raising fears of a recession.

Al Jazeera

Japan stocks take largest dive since Black Monday of 1987

Japan's Nikkei Stock Average experienced a significant drop, falling 2,216.63 points or 5.81%, marking its lowest close since January 26.

Nikkei Asia

Japan's Nikkei 225 index plunges nearly 7% as global sell-offs resume

The Nikkei index dropped over 2,400 points to 33,488.08, reflecting a 6.1% decline due to concerns over the U.S. economy and high interest rates. A report indicating slower hiring by U.S. employers has negatively impacted financial markets, leading to significant losses in major U.S. stock indices.

WRAL.com

Stock Rout Grips Asia, With Japanese Gauges Plunging 20%

Nihon Kohden Corp, Migalo Holdings Inc, and Minebea Mitsumi Inc are the worst performers in Japan's Topix Index, each down between 18% and 20%. In contrast, Avant Group Corp has seen a rise of 16.5% following its earnings report.

Bloomberg

Japanese Stocks Tumble, Leading Equities Selloff: Markets Wrap

Stocks are experiencing a selloff due to concerns over the Federal Reserve's delayed action on a slowing US economy, with significant declines in Japanese shares and a rise in oil prices amid geopolitical tensions. The Fed's decision to maintain high rates is raising fears of a deeper economic slowdown, while traders anticipate potential rate cuts in the coming months.

Yahoo Finance