IRS Releases New Crypto guidance; Opportunity Zone site, Wyoming Asset Protection, and more......
Issue #0005 October 11, 2019-Wealth Matters Weekend Edition
Happy Friday, October 11, 2019!
Wealth Matters Weekend Focus: Spend some time getting up to speed and architecting and updating your asset protection and year-end tax strategy with 90 days to go using new opportunities in the U.S. tax code related to crypto, digital assets, and opportunity zones.
“Sit down before fact as a little child, be prepared to give up every preconceived notion, follow humbly wherever and to whatever abysses nature leads, or you shall learn nothing. I have only begun to learn content and peace of mind since I have resolved at all risks to do this.”~Thomas Huxley
There are 81 days left in 2019 as of the publication of this daily issue closes out the inaugural week of Wealth Matters 3.0! That is plenty of time to use (and very little to waste) to finish 2019 with strong momentum and a solid plan for tax mitigation.
Your first Wealth Matters Weekend is upon you. That’s the name we give to weekends for our subscribers. It is the time you invest in yourself physically, mentally, emotionally, so that you can show up more present to your relationships, make more precise and powerful business and financial decisions, and escape the herd and their undesirable results. This weekend’s edition is designed to give you up to 1 hour or 2 hours of study this week while providing you pragmatic shortcuts to implement and design a personal strategy with your advisors that can be implemented before the end of the year.
Enjoy your weekend and we will see you again Monday for another daily short nugget to kick your cognition into high gear for another week.
Your Wealth Matters Weekend Study in 3 Parts:
Part 1: Getting up to speed on Opportunity Zone Legislation
Part 2: Understanding the new IRS Guidance on cryptocurrencies released Oct 9, 2019
Part 3: Understanding why Wyoming is poised to be the best place to protect your digital assets and traditional assets and should be part of your wealth plan.
1. Get up to speed on Opportunity Zone Legislation
Highlights from this week:
U.S. Government launches the official Oppzone website https://opportunityzones.hud.gov
We are still waiting on the final tranche of IRS guidance (last 3-5% of the law) by end of the year.
You can download the most recent guidance in full here for your own review
Watch the webinar replay below for the most recent (April 24 2019) IRS guidance overview for investing in your business or businesses using QOZ incentive below:
2. Get up to speed on IRS Cryptocurrency Legislation (as of October 9, 2019)
“As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency.”~Internal Revenue Service website
Download the full Revenue Reporting Guidance Update here
Download the full Frequently Asked Questions Update here (see examples below)
3. Get up to speed on Wyoming’s unique digital asset legislation framework and benefits.
For a great guest blog post by my friend (NYTimes Bestseller-Garrett Sutton) CEO of corporatedirect.com on the pros and potential cons of setting up an Asset Protection plan/entity in Wyoming that holds your digital assets check out this blog post:
Recent Wyoming Updates:
September 19-20th The Wyoming Blockchain Taskforce met in Laramie during #wyomingblockchainstampede and proposed two additional (would make 15 in total) cryptocurrency, blockchain, digital asset, related bills that would protect the free-speech of developers related to the code they write being retroactively banned in the unforeseen future, and also a bill that would restrict and protect individuals from ever having to relinquish their private keys in civil or criminal court. In the meantime, here is a great piece by Caitlin Long in Forbes on the 13 laws that have already been inked on the books and why they matter! (Click the link above or image below to read the full piece):
See you back on Monday…
Well, thank you again for sharing the first full week with us at Wealth Matters 3.0 and we hope you enjoyed all five daily doses. For those who want to lock in the 20% discount off your monthly or annual renewals “forever” and never miss an issue, upgrade below and we will see you Monday.