Cryptocurrency (now termed “Crypto”) is a digital monetary system. Instead of “dollars,” the unit of currency is referred

to as a “Bitcoin.” Like traditional money, cryptos can be used to store and transfer value among other crypto users within

the crypto community. Bitcoin is considered a cryptocurrency. The currency utilizes blockchain technology

and cryptography for management and creation of the currency.  There is a crypto protocol, which resides primarily on the

internet. It’s possible to utilize the protocol on your smartphone, computer, tablet, and other computing devices.

It’s easily accessible to anyone with common available technology. Essentially, anything that can be done with conventional

currencies can be done with cryptos. It’s possible to buy and sell goods and services, give money to other individuals or

organizations, or even provide credit to others. Crypto can be bought, sold, and exchanged for other currencies.

A nonqualified deferred compensation (NQDC) plan is an elective or non-elective plan, agreement, method, or arrangement between an employer and an employee (or service recipient and service provider) to pay the employee or independent contractor compensation in the future. In comparison with qualified plans, NQDC plans do not provide employers and employees with the tax benefits associated with qualified plans because NQDC plans do not satisfy all of the requirements of IRC § 401(a).

Under a nonqualified plan, employers generally only deduct expenses when income is recognized by the employee or service provider. In contrast, under a qualified plan, employers are entitled to deduct expenses in the year contributions are made even though employees will not recognize income until the later years upon receipt of distributions.

Despite their many names, NQDC plans typically fall into four categories.

Despite their name, phantom stock plans are NQDC arrangements, not stock arrangements.

The end of the year provides an ideal opportunity to reflect on the status of your personal finances and review your evolving goals and objectives for the year ahead. Below are seven things you MUST do to be prepared for a fun New Year’s Eve:

R. Kenner French is an executive at VastSolutionsGroup.com and a CIO at Vast Holdings Group. He has authored two books — with another on the way, written numerous articles, and speaks all over the country on topics of interest to entrepreneurs.

Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency holding for a loss and acquire the same cryptocurrency before or after the loss sale.

You just have a garden-variety short-term or long-term capital loss depending on your holding period. No wash-sale rule worries.

This favorable federal income tax treatment is consistent with the long-standing treatment of foreign currency losses.

That’s a good thing, because folks who actively trade cryptocurrencies know that prices are volatile. And this volatility gives you two opportunities:

Everyone has heard of Bitcoin, even if they don’t fully understand it. There are numerous other cryptocurrencies besides Bitcoin. There are seemingly hundreds of cryptocurrencies, and most of these were released in the last couple of years. Coinmarketcap.com lists 100 cryptocurrencies. Many experts believe the numbers will continue to climb. In fact, with creator coins now available the space could increase by the thousands soon.

Bitcoin has a considerable head start on the other offerings. Several cryptocurrencies are slight variations on the Bitcoin platform and may be more attractive to conventional financial institutions.

People think April 15th is Tax Time but actually if you get things organized at that time it is too late. Get ready now — June, July, August. Tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think if you attack it the right way.

On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com.

Join us, as Kenner explains IRA's plus the advantages of having them.

The known definition of IRA's are individual retirement accounts (IRA) which are tax-advantaged accounts that individuals use to save and invest for retirement.

Are you maximizing your retirement potential? As always, one of Kenner's top recommendations are for entrepreneurs to schedule consultations with their tax and financial advisors quarterly in order to maximize their tax savings. This includes looking at their qualified plans.

If you have any questions on this podcast or just questions in general. Please reach us at:

VastSolutionsGroup.com

Phone: (888) 808-8278 Extension: 701 

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!