More and more, bitcoin and other cryptocurrencies are taking root in the mainstream commercial world. This has occurred in tandem with the IRS’ recognition of digital currency as a legitimate, taxable property. One way that cryptocurrency is taking root is by being accepted as currency by more and more mainstream firms. Another way is by […]
In recent articles, we’ve touched on initial coin offerings (ICOs). We’ve seen how the SEC has had to reprimand certain companies due to various ICO missteps made by digital asset companies. For instance, we recently looked at the case of Munchee, Inc., and discussed the specifics of the federal crackdown on Munchee’s proprietary digital coin. […]
On our blog, we’ve covered quite a few issues related to cryptocurrency taxation and tax collection lately. What we haven’t talked about yet is initial coin offerings. Initial coin offerings, or ICOs, are similar to initial public offerings, which occur when a private company becomes publicly traded. We’ve seen multiple initial coin offerings in the […]
Cryptocurrency tax debt collection is here to stay. This has been made very clear by recent statements of the IRS. The IRS has already put a great deal of effort toward backing up its stated intention to enforce tax laws on cryptocurrency gains. We’ve seen an example of this with the 10,000+ letters sent out […]
We’ve been discussing virtual currency, cryptocurrencies, and digital currency quite a bit lately here. That’s by design. They’ve all been in the media a lot lately. That’s largely due to the increased tax collection efforts by the IRS. Many bitcoin holders started out with the impression that they were “outside the system”. Despite those impressions, […]
The IRS has ramped up its tax collection efforts regarding cryptocurrency gains in recent months. The IRS makes this fact very clear in public statement IR-2019-132. Those suspected on having profited from cryptocurrency will receive a letter notifying them about tax debt compliance. Depending on the situation of a given recipient, amended or delinquent returns may be necessary. Cryptocurrency […]
Cryptocurrency has come a long way. Its’ humble beginnings only go back to the late 2000s. When Bitcoin was first launched, individual Bitcoins were literally trading for just a few pennies. Now, after many ups and downs, Bitcoin has exploded in value. It currently trades at roughly $10,000 per unit. At its peak, it even traded at […]
As we’ve discussed, IRS Notice 2014-21 clarified how virtual currency (or “cryptocurrency”) is classified for tax purposes. It didn’t, however, answer every tax-related question about virtual currency. In fact, there are still plenty of issues to work out. One such issue pertains to foreign cryptocurrency FBAR filing requirements. A Recognized Medium of Exchange? Virtual currency […]
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