Congress Questions IRS On Efforts To Access Coinbase Customer Data

For months, customers, lawyers, and privacy experts have been voicing concerns about the scope of a “John Doe” summons that the Internal Revenue Service (IRS) seeks to serve on on Coinbase. Now, Congress has joined the clamor. This week, House Ways and Means Committee Chairman Kevin Brady (R-TX), Senate Finance Committee Chairman Orrin G. Hatch … Read more

Virtual Heads Or Tails: EU Says Bitcoin Is Currency For Tax Purposes While US Disagrees

Bitcoin is money. That was the gist of a ruling this week from the European Court of Justice (ECJ), the highest court in Europe. The ruling was in response to a dispute originally filed in Sweden. In the case, Skatteverket (Swedish Tax Agency) v. David Hedqvist, the ECJ was asked to rule on whether transactions … Read more

Paying Your Taxes In Bitcoin? Bill Would Make It Easy.

At tax time, you can generally settle your bill by cash (though not necessarily folded cash), check or credit card. A New Hampshire State Representative is hoping to add another way to pay: Bitcoin. A bill introduced earlier this year in New Hampshire, HR552, would require the state’s treasurer to “develop an implementation plan for … Read more

Don’t Forget Bitcoin At Tax Time

Getting those tax records together for the 2015 filing season? Don’t forget about Bitcoin. The Internal Revenue Service (IRS) issued guidance to taxpayers in 2014 on how to treat Bitcoin – and other virtual currency – for federal income tax purposes. That guidance, IRS Notice 2014-21, (downloads as a pdf) indicates that Bitcoin and other … Read more

Top Tax Stories Of 2014

While taxpayers and tax professionals all over the country are bracing themselves for the 2015 tax season, it’s a good time to take a look back at 2014. It was, to say the least, quite an interesting year for tax professionals, taxpayers (especially foreign taxpayers), banks and financial institutions, and, of course, the Internal Revenue … Read more

The End Of The (Silk) Road For Bitcoin Millionaire As IRS, Fed Agencies Make Arrests

We used to assume that crime happened in predictable places: dark alleys and dicey street corners. In reality, some of the biggest crimes in the world are occurring in home offices and in family basements: some of the most sophisticated and damaging financial crimes just need an internet connection. A recent study by the Center … Read more

UK Bows To Pressure, Likely To Reverse Course On Taxation Of Bitcoin: Will The US Be Next?

While the US has yet to offer a solid position on the taxation of Bitcoin, other countries are moving ahead with policy decisions. To date, Singapore and Germany have been cited as those with the most definitive answers on taxing Bitcoin. Are they about to be surpassed by the UK?

Will Overstock Force IRS To Make Up Its Mind About Bitcoin?

Overstock raised eyebrows earlier this month when the retailer announced it would accept Bitcoin as payment. While Bitcoin has slowly been making inroads into the U.S. economy, Overstock is by far the largest, most mainstream company to tout the currency as a legitimate means of payment. And it definitely paid off, with Patrick M. Byrne, … Read more