3 results for tag: Cryptocurrencies


The IRS and Cryptocurrency Transactions

Both digital currencies and cryptocurrencies have been around for several years (Bitcoin since 2009), but only in the past couple of years has the IRS begun to really focus its enforcement on cryptocurrency transactions. So far the IRS approach has been focused on Enforcement and Punishment, rather than amnesty and voluntary prior year disclosure, a “Stick” approach (punishment) without the “Carrot” (reward). The current IRS approach presents both taxpayer risk and opportunity. In 2014 the IRS issued Notice 2014-21 that rules virtual currencies (Cryptocurrency Transactions) are to be taxed as property. This establishes a reporting ...

Forking the Crypto Highways: What? Why? When?

New Technologies and new Eras have several common defining aspects; one is the new language or refined definitions. Forking Crypto is one of them. Take the era of the 45 music-single where B-Side became a common expression for the song on the flip side of the hit. Sometimes the B-Side became a hit, however, it’s DNA was always predicated based upon its early position relevant to Side-A, the “hit” side. Crypto (cryptocurrencies) is no different. Language morphs and grows with the times; Cool changes with usage and with age. When new technologies explode onto the scene, old words must take on new meanings or the new age opportunity ...

Virtual Currency Bitcoin: Does it Still Matter

When my clients first began discussing Virtual Currency Bitcoin, I had a quizzical look on my face. I wasn’t sure what they were talking about and I had never heard of digital or cryptocurrency. Fast forward a few years and the conversations have moved mainstream. However, many remain unfamiliar with Bitcoin and its various cousins.   Virtual Currency: Bitcoin Basics For ease of discussion, I’ll use Bitcoin to include all similar cryptocurrencies. Most versions of these competing currencies often called “altcoins” are derived from the Bitcoin open source code project and share many common attributes. A worldwide network of enthusia...