Mark DiMichael
New York
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Articles by Mark DiMichael
Understanding the New Digital Asset Broker Reporting Rules
April 17, 2025 - Regulation has come for the digital asset community. Effective January 1 of this year, brokers who sell digital assets such as cryptocurrencies, tokens, non-fungible tokens, and more must report their sale via a new type of 1099 form for digital assets. This brings digital asset brokers up to the same obligations traditional financial asset brokers have long been held to — with minimal warning.
Questions Remain on Form 8300 Cryptocurrency Reporting Requirements
Over a year ago, Citrin Cooperman released an alert breaking down cryptocurrency reporting requirements that would go into effect for 2023. This included the filing of Internal Revenue Service (IRS) Form 8300 to report payments of $10,000 or more in cryptocurrency. Yet today, there are still unanswered questions pertaining to the intricacies of cryptocurrency transactions and how these kinds of payments should be reported on the existing form.
A Forensic Guide to Finding Cryptocurrency in Divorce Litigation
Featured in NYSSCPA's Tax Stringer I. Introduction In recent years, awareness and use of Bitcoin and cryptocurrency has risen dramatically. Cryptocurrency transactions are fast, global, decentralized, secure, and irreversible. Although cryptocurrency and blockchain technology have the ability to revolutionize commerce, cryptocurrency’s anonymous nature has made it a haven for illicit activity.
C-Suite Snacks Webinar Series: How Companies are Making Money in Bitcoin and Crypto Assets
"Citrin Cooperman" is the brand name under which Citrin Cooperman Advisors LLC and Citrin Cooperman & Company, LLP, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. Citrin Cooperman & Company, LLP is a licensed independent CPA firm that provides attest services, and Citrin Cooperman Advisors LLC and its subsidiary entities provide tax, advisory, and business consulting services.
2023 IRS Cryptocurrency Reporting Requirements
Legislation enacted in 2021 extends broker information reporting rules to cryptocurrency exchanges, custodians, or platforms (e.g., Coinbase, Gemini, or Binance), and to digital assets such as cryptocurrency (e.g., Bitcoin, Ether, or Dogecoin). Therefore, starting in 2023 brokers must report transactions to both the IRS and the investor on a 1099-B (or possibly a future 1099 form that is in development – i.e. 1099-DA).
New Rules for Cryptocurrency on Financial Statements
The Financial Accounting Standards Board (“FASB”) recently held a meeting on accounting standard for digital assets. As a result, on October 12, 2022, the FASB announced that they will now require crypto assets to be measured at fair value, as per ASC820. This is a major change for companies that report under Generally Accepted Accounting Principles (“GAAP”). The updated accounting rules still need to be written and approved, but the change is expected to take effect within 6 months.
NFT Fraud: The Red Flags You Need to Know About - Read More
There have been many reports in the media of dramatic returns earned by initial investors in cryptocurrency, non-fungible tokens (NFTs), and blockchain technology. As a result, the potential opportunity for quick/easy money has created a frenzied market that is ripe for fraudsters and unscrupulous investment promoters and several creators and marketplaces have been accused of NFT fraud and schemes. One of the early and most interesting NFT projects was Crypto Punks in 2017.
The South Shore Chamber of Commerce has welcomed TD Bank to its Partnership Circle. Together with its partners, the South Shore Chamber is committed to making a positive impact on the business community by advocating for a fair and stable business environment and helping existing and future businesses, and their workforce, thrive and grow. As a not-for-profit, they rely on strong private sector leadership.
Eastham Chamber Annual Meeting To Be Held June 8
The Eastham Chamber of Commerce annual business meeting and breakfast will be held at the Four Points Sheraton in Eastham on Wednesday, June 8, from 7:30 to 9:30am. Attendees will hear from Keynote Speaker Jacqueline Beebe, Eastham Town Administrator.Beebe will discuss current town initiatives, the implementation of select board goals and policies and her leadership role in the planning, development and execution of town services. Admission to the meeting is $25 which includes breakfast.
Info Session For Affordable Rental Apartments In Brewster Set For May 18
Housing Assistance Corporation is inviting potential tenants to a Virtual Info Session for 30 affordable apartments being built at Brewster Woods, on Wednesday, May 18, at 5:30 p.m. Register for the session, which will be held on Zoom, at haconcapecod.org/lotteries. Housing Assistance is overseeing the affordable housing lottery for the 30 apartments. which are being built through a partnership that includes Preservation of Affordable Housing, Inc.
The Cooperative Bank Appoints Sherwood First Vice President, Commercial Relationship Manager
The Cooperative Bank of Cape Cod has appointed Jonathan Sherwood as First Vice President, Commercial Relationship Manager to serve its growing roster of business clients throughout the region. Sherwood, a Plymouth resident, is an accomplished finance professional who joins The Coop from Citizens Bank, where he served as a commercial lending specialist. He has also held senior-level business banking relationship roles at Bank of America and Santander Bank.
Caramanna Promoted To VP Of Residential Lending For Seamen's Bank
Carl Caramanna, a North Truro resident, has been promoted to the position of Vice President of Residential Lending at Seamen’s Bank. He has over two decades of experience in banking and residential lending, most recently holding the position of Director of Residential Lending at the bank. Prior to joining Seamen’s Bank two years ago, Caramanna held senior level managerial positions with two prominent banks in the Boston area.
South Shore Habitat For Humanity Announces Framing The Future Gala
South Shore Habitat for Humanity will hold their annual charity event, Framing the Future Gala, on Friday, June 17, at the Quincy Marriott located at 1000 Marriott Drive, Quincy. This event will feature cocktails, a three-course dinner, silent and auction. Habitat’s first volunteer Clive Rainey will share inspiring stories from his 40-year journey across the globe building Habitat homes. “I’ve retired the richest man in the world,” Rainey explains.
E.J. Jaxtimer Builder, Inc. Announces Annual Charter Cup Fishing Tournament
The sixth AnnualCharter Cup Fishing Tournament presented by E.J. Jaxtimer Builder Inc., will be held Wednesday, July 13, at Baxter’s Fish ‘N Chips. Since its inception in 2017, the Charter Cup Fishing Tournament has raised more than $708,000. The tournament donates 100 percent of profits raised to nonprofits that provide much needed services.
Plymouth's Moonrise Cinema Is More Than Movies
Any good drama film has an obstacle, some people brave enough to take it on, and a crowd-pleasing finale. That’s the story, in short, of Moonrise Cinemas in Plymouth, although Andrew Hoag, general manager and co-owner of Moonrise Cinemas, hopes that the story has really just begun for the outdoor venue that hosts drive-in movies, live music and special events. Time for a flashback.
Toolbox: Why You Should Consider Neurodiversity in Office Design
As business owners look to return to a more in-person work environment as COVID numbers once again tick downward, the returning workforce will have different expectations and different concerns than might have been vocalized in 2020 before this pandemic descended upon us. It’s not surprising to consider that employees will have a range of concerns about returning to an in-office environment. And employers will do well to be sensitive to and supportive of these concerns.
BayCoast Bank Promotes Stephanie Melo Terra
BayCoast Bank has announced the promotion of Stephanie Melo Terra to Assistant Vice President, Commercial Loan Officer. In this role, she will focus on small business loans, specializing in Small Business Administration lending. Terra, who is fluent in Portuguese, joined BayCoast Bank in October 2017 as a Credit Analyst. She was promoted to Credit Analyst II Officer in January 2020, a title she held until her most recent promotion.
Yokell Named Loan Officer At BayCoast Mortgage Company
BayCoast Mortgage Company, LLC (BayCoastMortgage.com) has announced the hiring of Steven Yokell of Berkley as a Loan Officer. In this role, he is responsible for the development of residential mortgages to best fit the needs of customers. Prior to joining BayCoast Mortgage, Yokell was with Santander Bank, NA where over the course of 28 years he served in a variety of roles including Credit Analyst, Branch Manager and most recently as a Mortgage Development Officer.
South Shore Arts Festival Returns June 17-19 To Cohasset
South Shore Art Center’s annual Arts Festival is back in person on Cohasset Common on Father’s Day weekend, June 17 to 19. The 67th festival kicks honors the memory and contributions of the late Dorothy Palmer who played a pivotal role in the founding and longevity of South Shore Art Center. Cohasset’s historic town green will be transformed into a hub of arts activity with booths of craft vendors, a sound stage and a marquee housing multiple art exhibitions.
Type One Golf & Tennis Tournaments Set For Sept. 27
Type One’s Par and Serve for the Cure! Auction and Dinner will be held Tuesday, Sept. 27, in Kingston. Registration is now open and sponsor opportunities are available.
Real Estate: Sales, Mortgage Numbers Dip In Plymouth County
The spring market has begun without the bounce we typically get at this time of year, reflectedRegister of Deeds John R. Buckley Jr. “Plymouth County recorded 717 deeds in April,725 deeds were recorded in March, so we had a 5 percent drop in monthly sales.Whether May and June activity will pick up remains to be seen,” said Buckley.
Plimouth Patuxet Museums Announce $1 Million Gift
Plimoth Patuxet Museums announced today a $1 million donation from the Safe Family Foundation for the museum’s endowment. The gift will help support the educational mission of Mayflower II. “This major gift is an inspiring investment in the Museum’s educational mission,” said Executive Director of Plimoth Patuxet, Ellie Donovan.
Cape Cod Gateway Airport Announces Contest For Aspiring Female Aviators
The Cape Cod Gateway Airport will be celebrating all aspects of aviation on Saturday, Sept. 24, in Hyannis. A part of the celebrations this day will include a chance for one young girl to win a free flying lesson with a female pilot. Runners-up will win a scenic tour of Cape Cod courtesy of Cape Air. To participate, Barnstable County female residents between the ages of 11 and 14 are invited to write an essay – no more than 300 words – detailing what is inspiring them to become a female aviator.
Partnership Aims To Balance Affordable Housing Initiatives with Land Preservation
Balancing the need for affordable housing with preserving open space has challenged Cape Cod for decades. A new land use project between Housing Assistance Corporation and the Association To Preserve Cape Cod has a goal of addressing this challenge with a new tool to help Cape Cod towns plan for natural resource protection and community housing development.
First Public Workshop Scheduled For North Eastham Master Plan
The Town of Eastham announces the first in a series of three public meetings on the North Eastham Village Center Master Plan. The event will take place Wednesday, May 11, from 5:30 to 7 p.m. at the Eastham Public Library, 190 Samoset Rd). All are welcome to attend this first public meeting, learn more about the project, and provide input to help guide preliminary design options, which will be presented at a second meeting in June. Final concept plans will be shared at a third meeting in October.
Betsy Rich Named Marketing Director For Hy-Line Cruises
Hy-Line Cruises has announced that Betsy Rich has taken over full responsibilities as the Director of Marketing for Hyannis Harbor Tours, Inc. (Hy-Line Cruises). Philip Scudder, a managing partner of the company with his brother, Murray, had held this title since the late 1980s when he took over for his wife, Sherrie. Rich has been with the company for more than 25 years and has worked closely with Scudder and his family in the Marketing Department for most of that time.
Partners Insurance Group, Plimoth Investment Advisors Announce Free Community 'Shred Day'
Partners Insurance Group, LLC and Plimoth Investment Advisors are teaming up to help residents protect themselves from identity theft by offering a free Community Shred Day event, Saturday, May 21, from 9 a.m. to noon at two locations: Partners Insurance Group at 560 Wilbur Avenue (Route 103) in Swansea and Plimoth Investment Advisors at 38 Resnik Road in Plymouth. Drive up to one of the Shred Day event locations with up to two boxes of documents to be destroyed.
Granite City Electric Donates Electrical Supplies To Massachusetts Habitat Affiliates
South Shore Habitat for Humanity is among four Massachusetts affiliates of Habitat for Humanity who received a generous donation of electrical supplies from Granite City Electric. South Shore Habitat will use its donation for its local homebuilding project in Hingham.
U.S. Chamber Urges Solutions On Immigration, Childcare To Alleviate Labor Shortage
The nation’s worker shortage crisis is getting worse, according to Bureau of Labor Statistics (BLS) data released today. Although 428,000 jobs were added, participation in the labor force declined to 62.2 percent in April and 363,000 left the workforce, further exacerbating the worker shortage crisis. Job openings reached a record high of 11.5 million in March, and there are 5.6 million more open jobs than people looking for work.
Mashpee Chamber Announces 2022 Citizen of the Year, Unsung Heroes
Retired Mashpee Fire Chief Tom Rullo has been named the Mashpee Chamber of Commerce’s 2022 Citizen of the Year. Rullo has been fire chief for 10 years and a firefighter for more than 39 years.
Housing Assistance Corporation To Hold Info Session For Affordable Apartments For Renters 55+
Housing Assistance Corporation is inviting interested applicants 55 and older to a virtual info session for 27 affordable apartments being built at Serenity Apartments in Brewster, on Wednesday, May 11, at 5:30 p.m. Register for the session, which will be held on Zoom, at haconcapecod.org/lotteries. Housing Assistance is overseeing the affordable housing lottery for the 27 apartments. which are being built as part of a refreshed and renovated 270-unit development.
Business Toolbox: 10 Ways To Prepare For Retirement
Thinking it’s time to retire? Take the time to prepare, before it’s time to retire. Start your preparations with the support of experienced financial advisors and prepare for the life you might imagine. Here are 10 ways to be better prepared for retirement: Start by reviewing the financial plan. Readying for retirement is the ideal time to start a financial plan.
Cape Cod 5 Promotes Morais, Robert To Mortgage Loan Officers
Cape Cod 5 recently has announced that Daniela Morais and Lauren Robert have been promoted to the roles of Mortgage Loan Officer. Morais will serve customers throughout Cape Cod and Robert will serve customers in Falmouth and on Martha’s Vineyard.
Mentoring: How To Create A Culture Of Inclusion
Leaders make the difference in how inclusive their organizational culture is by employing behaviors that foster engagement and belonging. They promote sharing of ideas – no idea is not worthy of consideration. They establish Key Performance Indicators and clear measures of success. The first step in bringing DEI (Diversity, Equity and Inclusion) to your organization is for leadership to create an organizational culture that focuses on inclusion.
Last Word: Basic Principles To Instill Positive Change - Cape & Plymouth Business Media
In the wake of the pandemic, the world’s view on work has evolved, to say the least. Workers demand far more than a paycheck. They want strong compensation, flexibility and a voice. To attract and retain top talent leaders must double down on culture. At Brabo Payroll, there are a few things that we ask of our leaders that our team seems to appreciate. Core Values Too often they are mentioned in an email or a handbook and forgotten about thereafter.
Toolbox: How To Pay Remote Workers
Nine out of 10 remote workers want to maintain some telecommuting post-pandemic. That means employers need to continue to accommodate these workers – or risk losing talent if their flexibility is taken away. A central factor in managing a remote workforce and ensuring their satisfaction is compensation. With everything from different wages based on where employees are located to payroll taxes, there’s a lot to consider when understanding how to pay remote workers appropriately.
Cape & Islands Veterans Outreach Center Earns Distinction
For the second consecutive year in the organization’s 39-year history, the Cape and Islands Veterans Outreach Center (CIVOC) has earned the 2022 Platinum Seal of Transparency, which is the highest level of recognition offered by the newly combined GuideStar and Foundation Center (now known as CANDID).
Harwich Fund Awards $4,500 To Habitat for Humanity Of Cape Cod
The Harwich Fund of The Cape Cod Foundation has awarded a $4,500 grant to Habitat for Humanity of Cape Cod to support the purchase of major appliances for the newly built homes on Murray Lane in West Harwich. Habitat Cape Cod partners with local families in need of affordable housing and, with the help of volunteers, helps them build their own homes across Cape Cod. “The Murray Lane Habitat Project is an incredible addition to Harwich.
Martha’s Vineyard Bank Announces 'Show Your Shop' Small Business Promotion
In honor of National Small Business Week, Martha’s Vineyard Bank is holding a “Show Your Shop” promotion for consumers and local small businesses for the entire month of May.Promotion details and entry forms can be found at local.mvbank.com. From May 1 through 31, shoppers can upload a photo featuring their favorite local shop or purchase and enter to win a $250 Lift Gift certificate (redeemable at the Lift Store (lift.mvbank.com).
Faith Community Forum To Address Opioid Use & Overdose Prevention
The Massachusetts HEALing Communities Study will host a faith community forum on opioid use and overdose prevention on Thursday, May 19, from 6:30 to 8:30 p.m., at Saint Barnabas’s Episcopal Church, 91 Main St. in Falmouth, with complimentary dinner and refreshments provided by Wolf Pizza from 5:30 to 6:30 p.m. The forum, free and open to the public, will provide information about the many pathways available to face the challenges of opioid addiction and ways to provide resources to those...
Deadline Extended For Celebrate The Art Of Teaching Project Grants
Martha’s Vineyard Bank Charitable Foundation has extended the deadline to June 30 to apply for Celebrate the Art of Teaching Project Grants, which are aimed to support educators in the areas of social and emotional learning, diversity, equity and inclusion and the advancement of 21st century learning through the profile of a graduate.
Cape Cod Gateway Airport Launches New Website
The Cape Cod Gateway Airport (HYA) has launched a new website:FlyHYA.com, which continues the rebranding of the airport. “The new website really functions as our ‘front door’ to airport tenants and passengers flying into and out of our region. We are excited for them to have an immediate positive impression of Cape Cod Gateway Airport when they utilize our new platform.
Four Organizations Receive MV Bank Charitable Foundation Grants
Martha’s Vineyard Bank Charitable Foundation has announced its Community Impact Grant recipients for 2022. A total of $20,000 was awarded to four organizations each receiving a $5,000 grant: two on Martha’s Vineyard and two in Falmouth.
MassDevelopment Awards Grants To Community Health Centers - Cape & Plymouth Business Media
Community health centers from Cape Cod and Martha’s Vineyard were among 22 that received grants from MassDevelopment to fund capital improvement projects. MassDevelopment awarded grants totaling $1,056,010 through its Community Health Center Grant Program. The program offers grants of up to $50,000 each to fund capital improvement projects including construction, renovation, equipment, furniture, technology-related projects, as well as facility needs related to the COVID-19 pandemic.
U.S. Chamber Calls On Congress To Support Small Business Growth
In honor of National Small Business Week, the U.S. Chamber of Commerce is calling on Congress to embrace a set of five free enterprise principles that emphasize what small business owners, founders, and entrepreneurs need from government to grow and thrive. America’s 32.5 million small businesses account for more than 99 percent of all U.S. companies and employ just under 47 percent of private sector employees.
The Cooperative Bank Of Cape Cod Partners With Love Live Local
The Cooperative Bank of Cape Cod has partnered with Love Live Local, an advocacy organization dedicated to educating consumers on the importance of shopping local, to share stories of small businesses having a big impact on the community. The Coop will provide financial support for the Shop Local Stories series, a year-long initiative to recognize small businesses throughout Cape Cod that contribute more to the community than simply providing goods and services.
MassDevelopment Announces Funding To Help Taxi, Livery & Hackney Operators
MassDevelopment today announced the availability of funding from the Taxi & Livery Business Support Grant Program, a program that offers taxi, livery, and hackney operators financial assistance to secure products or services that will aid in improving their competitiveness and enhancing safety capabilities in the rapidly evolving market of for-hire transportation. The program is funded by MassDevelopment’s allocation from the Commonwealth’s Transportation Infrastructure Enhancement Trust Fund.
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