If my Virtual Currency is walking around with me, is it reportable?

June 2018

Virtual Currency (VC) storage comes in the form of a “wallet” with private digital keys. The “wallets” can be domiciled in VC exchanges that operate in the US or foreign jurisdictions.  VC exchanges domiciled in foreign jurisdictions that operate similarly

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Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

May 2018

Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC.   US Agencies: IRS, FinCEN, SEC and CFTC – have expressed differing views about VC.  Different interpretations from the main US Regulating Agencies

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Everyone wins when accepting Virtual Currency as Payment…

May 2018

Acceptance of Virtual Currency (VC) as a form of payment for goods and services is growing.  States like Arizona and Georgia have introduced bills that would allow Taxpayers in those states to pay their taxes with VC.  Two of the

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Who monitors digital currency wallets?

May 2018

Investors in Virtual Currency (VC) utilize the services of on-line “secure” platforms for buying, selling, transferring, and storing VC.  The providers of these services are known as web-wallets (Coinbase is an example).  They are required to register and operate as Money

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Virtual Currency Investors have a lot of responsibilities!

April 2018

For U.S. Federal Income Tax purposes, Virtual Currency (VC) is treated as property.  As a result, a VC investor ought to keep a very close watch on potential net short term capital gains (realized gain if VC is held one

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IRS Virtual Currency Amnesty? Not so Fast!

March 22, 2018

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The IRS is on to Crypto

February 2018

The IRS Chief of Criminal Investigation, Don Fort, recently stated: “It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion.” The IRS Criminal Investigation Unite (IRS-CI) has ahttps://www.jdsupra.com/legalnews/the-irs-is-on-to-crypto-74544/  

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Bitcoins and the IRS: Reporting and Storing

December 2018

Possession of virtual currency, also known as cryptocurrency, is legal in the U.S. as well as many other parts of the world. The most well-known form of virtual currency is Bitcoin. There are other virtual currencies that function in the

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Many are now looking for IRS Guidance on Virtual Currency

December 2018

Due to its unprecedented level of value appreciation, Bitcoin investors, consumers and businesses are looking for IRS Guidance.  IRS recognizes that “virtual currency” may be used to pay for goods or services, or be held for investment; and that its

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