Vernoia, Enterline + Brewer, CPA LLC

Posts tagged ‘crowdfunding’

Crowdfunding: a new resource with developing tax rules

crowdfundIRS Chief Counsel recently examined the tax treatment of crowdfunding activities in a new information letter (Information Letter 2016-36). Crowdfunding is a relatively recent phenomenon, used by an individual or entity to raise funds through small individual contributions from a large number of people. The guidance notes that the income tax consequences to a taxpayer of a crowdfunding effort depend on all the facts and circumstances surrounding that effort. (more…)