 Looking at the Presidential Election Campaign Fund, not a very complex part of the tax return, but it's typically a question if you're doing tax preparation that you would have to ask any new client, do you wanna check this box off or not? And you're gonna have to answer some questions in terms of what it means to check the box off or not. So this fund helps pay for presidential election campaigns. The fund reduces candidates' dependence on large contributions from individuals and groups and places candidates on an equal financial footing in the general election. That's the general idea at least. The fund also helps pay for pediatric medical research. So if you want $3 to go to this fund, check the box. If you're filing a joint return, your spouse can also have $3 go to the fund. If you check a box, your tax or refund won't change. So then we're gonna look at the digital assets. So the IRS has been more and more concerned with the digital assets. If we think about the basic structure of the income tax, it's an income tax. That means that income is basically bad from a taxpayer perspective if you have to report it because you're likely to pay taxes on it. Expenses are generally good. The IRS's aim is to try to kind of double check and look over everyone's shoulder to see if they're reporting the income. When you're looking at business transactions, you usually have a payer side of things and someone who's doing the goods and services and receiving a payment. That means that the IRS has the leverage on the payer of the transaction because they're getting the good thing from a tax standpoint, a deduction, if they're able to deduct it. So they're gonna go to the payers, like the employers or the people that are hiring contractors, force them to issue W-2s, 1099s, giving the IRS the information about the revenue that's going to the other side of the transaction so that they can double check that the income's being reported. Now, certain areas make it a little bit more difficult. So historically, cash type businesses that deal with an end user, like restaurants, hair salons, massage parlors, have been a problem for the IRS with them trying to double check the income with like 1099s and W-2 forms because someone that gets their hair cut can't really be forced to issue a 1099 to the person that cut their hair because they're not getting a deduction for the haircut. And then other businesses have been springing up with these new platforms that have been put in place that are kind of like a new silk road in a way connecting people that have services to people that want the services in such a way that you don't really have an employee, employer situation, and some of the digital asset resources, forms of payments are also becoming kind of issues with the IRS in terms of payments happening that they cannot track as easily and possibly having gains and losses with the trading of these digital assets. Therefore, you have them questioning, the digital asset space in general. At least that's my overall interpretation. Okay, so digital assets are any digital representation of value that are recorded on a cryptographically, I get that messed up, but let me say that again, recorded on a cryptographically secured distribution ledger or any similar technologies. Technology. So for example, digital assets include non-fungible tokens, those are the NFTs and virtual currencies such as cryptocurrencies and stable coins. So these are those, these kinds of assets that are a little bit more exotic still these days that are becoming more and more in use. We wanna be careful when dealing in that space because of the newness of them, but hopefully as time passes, they'll sort out where these kind of new tools, new technologies can fit well. So if a particular asset has the characteristics of a digital asset, it will be treated as a digital asset for federal income tax purposes. So obviously when you're making transactions or trades for goods and services, usually the unit of trade is the US dollar. So if it's the US dollar, then that's basically the measuring tool of the trade. If you're making trades for things other than a US dollar, even if it was like a bartering type of situation, then like if you traded goods and services for someone else's goods and services from an income tax perspective, you would still have income and you would have to still measure that income somehow in US dollars because that's the measuring tool to pay income taxes. Similar kind of thing is happening here, but instead of facilitating the transaction, even making a transaction. With dollars, you're using something else which might be like another kind of currency, like a virtual currency or something like that, or you're buying something that has digital value, which would be similar to buying any other kind of asset where you'd have to basically value the transaction that took place, see if there's any gains or loss, see if there's any income that needs to be recorded, value that income, not in units of the digital assets, virtual currencies, Bitcoin or something like that, but value it in dollars because we're trying to record taxes in the units of dollars. So it's not some of the transactions aren't really unlike other transactions when you buy and sell like stocks and bonds. Of course, you have to then value the stocks and bonds in terms of dollars. There's dollars like money. So you can record gains and losses in the sale of the stocks and the bonds. Okay, so check the yes box next to the question on digital assets on page one of Form 1040 or 1040SR, if any time during 2022, UA received as a reward or payment for property or services or B, sold, exchanged, gifted or otherwise disposed of a digital asset or any financial interest in any digital asset. So the IRS actually wants a little checkbox to basically say, did you have any of these types of transactions happening at this point in time? As in a couple of rational, why would they do that? You might have, well, why would they need to know that added information? Because if I had income, then I would report it as income in the required area possibly as a capital gain on a schedule D or something like that or whatever the transaction was that took place. But I would suspect that the rationale here would be that people could claim that they didn't know because it was a digital asset that they had to record it as income. And so the government wants this checkbox here basically saying yes or no, I had these types of transactions so that in the event of the audit, it's gonna be less likely that someone can basically claim that they didn't know that that kind of transaction might be subject to income taxes because you checked this box off. I think that's the rationale.