AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity
AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity was published by JD Supra on 7/31/18. On 5/30/18, the American Institute of CPAs (AICPA) sent a letter (https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180530-aicpa-comment-letter-on-notice-2014-21-virtual-currency.pdf) to the IRS presenting the AICPA’s updated recommendation to the IRS Guidance on Virtual Currency (VC) Notice2014-21 (https://www.irs.gov/pub/irs-drop/n-14-21.pdf). The recommendations are set forth in […]
Should Law Firms accept Virtual Currency? Only if they immediately convert to USD!
Should Law Firms accept Virtual Currency? Only if they immediately convert to USD! was published by JD Supra on 7/10/18. Law Firms, like other businesses, want to be able to offer more services to more clients expanding; the scope of their reach. This might entail entering the world of Virtual Currency (VC) and accepting payments […]
Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act
Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act was published by JD Supra on 7/5/18. There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC). Prior to the passage of the Tax Cut and Jobs Act (TCJA), VC investors could take the position that if […]
Are You Confused with Virtual Currency?
Are You Confused with Virtual Currency? was published by JD Supra on 6/26/18. The ins and outs of virtual currency (VC) continue to challenge those who received VC for services rendered, accepted it for goods sold, bought it for investment less than a year ago, bought it for investment more than a year ago or […]
If my Virtual Currency is walking around with me, is it reportable?
If my Virtual Currency is walking around with me, is it reportable? – JD Supra 7/19/18. 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 […]
Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?
Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC? was published by JD Supra on 5/15/18. 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. […]
Everyone wins when accepting Virtual Currency as Payment…
Everyone wins when accepting Virtual Currency as Payment… was published by JD Supra on 5/8/18. Accepting Virtual Currency (VC) as 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 Big 4 Accounting firms […]
Who monitors digital currency wallets?
Who monitors digital currency wallets? was published by JD Supra on 5/8/18. 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 Service Businesses (MSB) by […]
Virtual Currency Investors have a lot of responsibilities!
Virtual Currency Investors have a lot of responsibilities! published by JD Supra 4/13/18. 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 year or […]
IRS Virtual Currency Amnesty? Not so Fast!
IRS Virtual Currency Amnesty? Not so Fast! – DBR 3/22/18.
The IRS is on to Crypto
The IRS is on to Crypto – JD Supra. 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 a number of investigators that are focusing on international crimes. […]
Bitcoins and the IRS: Reporting and Storing
Bitcoins and the IRS: Reporting and Storing – JD Supra. 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 same manner as Bitcoin and […]
