IRS Cracks Down On Unreported Virtual Currency Income

As the use of Virtual Currency increases, the IRS has signaled that they are beginning to step up their enforcement of tax on these transactions.  In March of 2021, the IRS launched “Operation Hidden Treasure” to help track down taxpayers who are making virtual currency transactions.  Any taxpayer who fails to report these virtual currency transactions, or report them incorrectly, could be subject to civil or criminal penalties.  It is crucial for taxpayers who make virtual currency transactions to keep records so that these transactions can be reported accurately on their returns.

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Restaurant Revitalization Fund

As part of the American Rescue Plan Act that became law in March 2021, the Small Business Administration (SBA) has set up a $28.6 billion Restaurant Revitalization Fund (RRF).  The RRF awards grants of up to $5 million per physical location and is capped at $10 million per entity and affiliates.  These SBA grants will provide restaurants with the funding equal to their pandemic-related loss of revenue.

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MD Unemployment Tax Rates Have Increased For 2021

Due to the COVID-19 pandemic, the Division of Unemployment Insurance has increased the range of unemployment tax rates for contributory employers for 2021.

The 2021 rate range is 2.20% to 13.50%, up from the former range of 0.3% to 7.5%.

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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