Cryptocurrency Archives - Page 9 of 12 - Foodman CPAs and Advisors

Wondering about the tax treatment of a Cryptocurrency Hard Fork and Airdrop?

December 2019

On 10/9/19, IRS issued Rev. Rul. 2019-24 addressing the issues of a Taxpayer having gross income under § 61 of the Internal Revenue Code as a result of a hard fork of a cryptocurrency that the Taxpayer owns if the

Foodman CPAs & Advisors and JD Supra

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

Foodman CPAs & Advisors

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

july 2019

If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA) article was published by JD Supra on 7/23/19. FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether

JD Supra

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

Taxpayers that have VIRTUAL CURRENCY held in a Centralized Virtual Currency Exchange outside the U.S must file an FBAR and FORM 8938! was published by JD Supra on 6/11/19. On May 30, 2018, the AICPA (American Institute of Certified Public

JD Supra

The Financial Action Task Force and Virtual Assets

April 2019

The Financial Action Task Force and Virtual Assets article was published by JD Supra on 4/30/19. The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for

JD Supra

Tax Time and Virtual Currency

April 2019

Tax Time and Virtual Currency was published by JD Supra on 4/9/19. Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using

JD Supra

Residential Real Property Purchased with Virtual Currency must be Reported

march 2019

Residential Real Property Purchased with Virtual Currency must be Reported was published by JD Supra on 3/26/19. On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S.

JD Supra

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

December 2018

Comentarios del Director de FinCEN sobre las Deficiencias en el Cumplimiento de la Moneda Virtual was published by JD Supra on 12/7/18. El 8 de agosto de 2018, el Director de FinCEN, Kenneth A. Blanco, pronunció un discurso en la Conferencia

JD Supra

Government Agencies are spending money to track down Virtual Currency

November 2018

Government Agencies are spending money to track down Virtual Currency was published by JD Supra on 11/27/18. Government agencies apparently believe that expertise from blockchain analytic firms is required to assist with investigating illicit activities such as tax evasion, money laundering,

JD Supra

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

November 2018

2018 is almost over and still no guidance from IRS on the treatment of Virtual Currency was published by JD Supra on 11/21/18. On September 19, 2018, the House Ways and Means Committee wrote a letter to the IRS urging

JD Supra

Los titulares de Moneda Virtual (MV) NECESITAN MANTENER REGISTROS

November 2018

Los titulares de Moneda Virtual (MV) NECESITAN MANTENER REGISTROS was published by JD Supra on 11/14/18. La Sección 6001 del Código de Rentas Internas requiere que los Contribuyentes mantengan libros y registros adecuados. Mantener libros adecuados y buenos registros de