Business Frame Weekly – Bitcoin Erased Roughly 67% of its Value / C-Suite Individuals Receive Compliance Requirements

After hitting an all-time peak of around $69,000 per unit on November 10, 2021, the world's leading digital currency Bitcoin has since erased roughly 67% of its value, sitting at about $23,500 right now.

C-suite individuals receive a plethora of important letters, many of which pertain to certain compliance requirements for their companies.

In this newsletter:

• How to handle state unclaimed property notices
• Survive or Scale
• Will Bitcoin mint more millionaires or is this just a 'dead cat bounce'? Here are Warren Buffett's 3 reasons for why he believes crypto 'will come to a very bad ending'
• How to Calculate Annual Revenue
• Lookback period extended for refunds related to pandemic postponements

March 07, 2023

How to handle state unclaimed property notices

C-suite individuals receive a plethora of important letters, many of which pertain to certain compliance requirements for their companies. Some of these letters come from states and deal with unclaimed property. Understanding and being familiar with the type of mailing received is important. If handled improperly, unclaimed property notices may result in increased risk for companies.

Survive or Scale

As a tax professional, you can either survive or scale—it all boils down to calculating the lifetime value of your customers. If you want to grow, you need an equation for bringing in customers that makes a direct, positive impact to your bottom line. The most successful professionals and firms have two main strategies: First, they get clients in the door with a low-barrier offer; then, they follow that with back-end monetization.

Will Bitcoin mint more millionaires or is this just a 'dead cat bounce'? Here are Warren Buffett's 3 reasons for why he believes crypto 'will come to a very bad ending'

After hitting an all-time peak of around $69,000 per unit on November 10, 2021, the world's leading digital currency has since erased roughly 67% of its value, sitting at about $23,500 right now. “If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Buffett told CNBC earlier this year. Other than Bitcoin's disappointing track record, Buffett believes that Bitcoin has ‘no unique value at all’, doesn’t think crypto counts as money, and doesn’t understand it.

How to Calculate Annual Revenue

Knowing your annual revenue is the first step to determining how your company is growing. Annual revenue is everything your company earns from sales activity during a given year before subtracting costs and business expenses. To calculate your annual revenue, multiply the quantity of each product sold by its sale price, and then add each product’s annual sales to determine your gross annual revenue. Your best method for determining annual revenue depends on the records you kept for the year and the type of income you receive. These include using accounting software, sales logs, paid invoices, and bank deposits.

Survey: Global Economy Subdued with Weaknesses Persisting

The global economy shows signs of steadying, however, many indicators remain weaker than a year ago, according to the "Global Economic Conditions Survey (GECS)" for Q4 2022 from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants). GECS is the largest regular economic survey of accountants carried out globally each quarter by IMA and ACCA.

Lookback period extended for refunds related to pandemic postponements

On Monday, in Notice 2023-21, the IRS lengthened the lookback period for refund claims for returns with due dates that were deferred by Notice 2021-21 or Notice 2020-23, which postponed the due dates for filing certain tax returns and making certain tax payments during the COVID-19 pandemic. Under the new notice, in determining the beginning of the lookback period for taxpayers with due dates postponed by Notice 2021-21, the IRS will disregard the period from April 15, 2020, to July 15, 2020, and for taxpayers with due dates postponed by Notice 2020-23, from April 15, 2021, to May 17, 2021. This will align those periods with the postponed return filing due dates.

Random Ramblings

• In-person IRS tax move scheduled for first time since pandemic start.
• Issues in measuring and reporting diversity.
• 3 Signs that you need a Virtual Assistant and what type to hire.
• Taxpayers should continue to report digital asset income.
• How to analyze any company’s financial statements in 7 minutes or less.