What is crypto in the eyes of the IRS?

Why is giving to charity good for the heart and the wallet?

In this episode, Marni and Jody have a conversation about the history of income tax in the United States, from the introduction of the Wilson Tariff Act in 1894 to the ratification of the 16th Amendment in 1913. They discuss how state taxes impact the current income tax situation, tax brackets, and whether the wealthy should be taxed more. After that, Jody answers why the government seems to reward those that give charitable donations.

Later, Jody and Regis discussed the tax code changes proposed by the Biden administration for 2023-24, such as the modification to the child tax credit and the introduction of a new minimum tax on individuals earning over $100 million. They also delved into how tax software companies prepare for tax law changes and the challenges that come with it. In addition, they analyzed new complexities in the tax code, like cryptocurrency and non-fungible tokens (NFTs), and how the IRS is seeking comments on how NFTs should be taxed.