Taxpayers, have you sold, received, exchanged or acquired Virtual Currency?

November 2019

During the month of October 2019, IRS issued Revenue Ruling 2019-24,  FAQ’s on Virtual Currency Transactions and a DRAFT Form of Schedule 1,  which, for the first time presents the question:  “At any time during 2019, did you receive, sell,

  • Foodman CPAs & Advisors website

Could your Organization be holding Virtual Currency that is “blockable” pursuant to OFAC’s regulations?

September 2019

OFAC (Office of Foreign Asset Control) compliance applies to all US persons; including, all US citizens and permanent resident aliens regardless of their location, all persons and entities within the US, all US incorporated entities and their foreign branches, all

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If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA)

july 2019

FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities: https://www.jdsupra.com/legalnews/if-you-exchange-virtual-currency-you-87129/

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Taxpayers that have VIRTUAL CURRENCY held in a Centralized Virtual Currency Exchange outside the U.S must file an FBAR and FORM 8938!

June 2019

On May 30, 2018, the AICPA (American Institute of Certified Public Accountants) wrote a letter to the IRS to obtain https://www.jdsupra.com/legalnews/taxpayers-that-have-virtual-currency-77752/

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The Financial Action Task Force and Virtual Assets

April 2019

The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the https://www.jdsupra.com/legalnews/the-financial-action-task-force-and-94242/

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Tax Time and Virtual Currency

April 2019

Virtual Currency (VC) investors continue to have accounting challenges at tax time.  They are seeking to https://www.jdsupra.com/legalnews/tax-time-and-virtual-currency-13102/

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Residential Real Property Purchased with Virtual Currency must be Reported

march 2019

On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to https://www.jdsupra.com/legalnews/residential-real-property-purchased-58814/

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Comentarios del Director de FinCEN sobre las Deficiencias en el Cumplimiento de la Moneda Virtual

December 2018

El 8 de agosto de 2018, el Director de FinCEN, Kenneth A. Blanco, pronunció un discurso en la   https://www.jdsupra.com/legalnews/comentarios-del-director-de-fincen-35755/

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Government Agencies are spending money to track down Virtual Currency

November 2018

Government agencies apparently believe that expertise from blockchain analytic firms is required to   https://www.jdsupra.com/legalnews/government-agencies-are-spending-money-41087/

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2018 is almost over and still no guidance from IRS on the treatment of Virtual Currency

November 2018

On September 19, 2018, the House Ways and Means Committee wrote a letter to the IRS urging the IRS to https://www.jdsupra.com/legalnews/2018-is-almost-over-and-still-no-81539/

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Los titulares de Moneda Virtual (MV) NECESITAN MANTENER REGISTROS

November 2018

La Sección 6001 del Código de Rentas Internas requiere que los Contribuyentes mantengan libros y registros adecuados. Mantener libros adecuados y buenos registros de la MV ayudará al Contribuyente a:   https://www.jdsupra.com/legalnews/los-titulares-de-moneda-virtual-mv-66019/

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Virtual Currency (VC) Holders NEED to KEEP RECORDS

November 2018

Internal Revenue Code Section 6001 requires Taxpayers to maintain adequate books and records.  Keeping adequate VC books and good records will assist a Taxpayer to:   https://www.jdsupra.com/legalnews/virtual-currency-vc-holders-need-to-90845/

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