Peter W., Miami, Florida

“There are so many warnings out there regarding the IRS cracking down on Virtual Currency that I decided to talk to Foodman CPAs & Advisors about potential tax consequences given the fact that I’ve been somewhat active with Virtual Currency. I am absolutely happy that I sought the advice of a tax professional that understands Virtual Currency. Foodman explained that taxpayers who engaged in virtual currency transactions must answer a Yes or No question on Form 1040, and that failing to answer will prevent electronic filing. Because the IRS classifies virtual currency as an asset, its disposal in an investment sales transaction requires reporting the transaction on Form 8949 – which was news to me.”

— Peter W., Miami, Florida