The IRS Wants to Know about Your Crypto

The IRS really wants to know about your Bitcoins and other Cryptos. It starts at the top of the ﬁrst page of your Form 1040, where you ﬁnd the following question right after the spaces for your name and address: At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any ﬁnancial interest in any virtual currency? At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any ﬁnancial interest in any virtual currency? All taxpayers must answer this question under penalty of perjury, even those who have never heard of Bitcoin and don’t know what cryptocurrency is. You can’t ...

IRS Focuses on Cryptocurrency: Are You Ready?

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Cryptocurrencies have gone mainstream. For example, you can use Bitcoin to buy far more than you would think. To see, try Googling “What can I buy with Bitcoin?” You will get more search results than you have time to read! Using Cryptocurrencies has Federal Income Tax Implications that may surprise you. The price of Bitcoin has gone through the roof recently, and with increasing acceptance of Bitcoin and other Cryptocurrencies as forms of payment, the Tax Implications of using Cryptocurrencies are a hot-button ...

Cryptocurrency, Cryptocurrency Transactions, and the Distributed Ledger Technology in “The Soul of Enterprise Podcast with Ron Baker and Ed Kless: Episode #363

Last week I was happy to be featured and participate in “The Soul of Enterprise” Podcast with “Financial-Thought-Leader” colleagues Ron Baker and Ed Kless last Friday: "Episode #363: The Ultimate Dragon Slayer, Daniel Morris" (10.23.21). We discussed many topics that I am passionate about; Cryptocurrencies, Blockchain, Value Pricing, Wealth Management, Asset Protection, Multinational Tax Structures, Tax Optimization, and many other topics that made us scratch our “collective” heads. One of the relevant and current topics we discussed that might have some importance to you was Cryptocurrency; what is it, how do you use it, and is it ...

“The Soul of Enterprise Podcast with Ron Baker and Ed Kless: Episode #363

I was happy to be featured and participate in “The Soul of Enterprise” Podcast with “Financial-Thought-Leader” colleagues Ron Baker and Ed Kless last Friday: "Episode #363: The Ultimate Dragon Slayer, Daniel Morris" (10.23.21). Here, we discussed many topics that I am passionate about; Cryptocurrencies, Blockchain, Value Pricing, Wealth Management, Asset Protection, Multinational Tax Structures, Tax Optimization, and much More. One of the first topics we discussed was the significance of the Podcast’s title…” The Ultimate Dragon Slayer, Daniel Morris” that I often hang my hat on. I Solve People's Problems “I Sell Sleep�...

Tapping Into the Digital Currency Revolution: Why Business Needs to be Bitcoin Friendly

Transacting in blockchain backed currencies like Bitcoin or Ethereum is becoming increasingly common. Over 300,000 daily transactions are occurring using Bitcoin. Add to these numbers other alternative blockchain currencies and that leads to over 500,000 unique transactions per day and rising. Another way to look at this is 6 transactions a second. Malls now have Bitcoin ATM machines where people can purchase and exchange Bitcoins for other paper currencies or other paper currencies into Bitcoins. The digital generation (under the age of 30) account for 65% of bitcoin users (and growing) while the GenX (up to 40) account for another 25% of ...

Virtual Currency: A Primer on Bitcoin and Why Bitcoin Matters

When our clients first began discussing Bitcoin a few years ago, I wasn't sure what they were talking about. I had never heard of Digital or Cryptocurrency. Fast forward a few years and these conversations have moved mainstream. I was sharing with my wife in Portland, Oregon the other day that Malls (Clackamas Town Center) now have Bitcoin ATM machines where people can purchase and exchange Bitcoins for other paper currencies or other paper currencies into Bitcoins. I wouldn't have imagined this 10-years ago. However, many of you remain unfamiliar with Bitcoin and its various cousins of Virtual Currency. Bitcoin Basics For ease of discussion, ...