The evolution of cryptocurrency and the blockchains that power it has taken yet another step forward with the creation of NFTs or non-fungible tokens. NFTs
Read MoreCategory: cryptocurrency
Cryptocurrency Tax Compliance & The IRS In 2021
Cryptocurrency is once again making big waves in the news thanks to Bitcoin and Dogecoin riding high, Tesla accepting payment in the form of Bitcoin,
Read MoreTreasury Signals That Cryptocurrency Like Bitcoin Will Be Reportable On FBAR
For years, Treasury has advised taxpayers that virtual currency is not required to be reported on the Financial Crimes Enforcement Network (FinCEN) Form 114, Report
Read MoreWhat You Need To Know About Cryptocurrency & Tax
Cryptocurrency is a digital or virtual currency. Essentially, it was created to offer a system to enable peer to peer payments without the need of
Read MoreIRS Offers Reward For Code Crackers As It Ramps Up Crypto Efforts
When the Internal Revenue Service (IRS) signaled that it was getting serious about cryptocurrency, the agency wasn’t kidding. The IRS is now offering cash to
Read MoreJustice Department Attempts To Recover Hacked Cryptocurrency
The Justice Department has announced action against two hacks of virtual currency exchanges by North Korean actors. According to court documents, the actors stole millions
Read MoreIRS-CI Assists In Seizure Of Terrorist Group’s Cryptocurrency Accounts
The Justice Department has announced the dismantling of three terrorist financing cyber-enabled campaigns. These actions represent the government’s largest-ever seizure of cryptocurrency relating to terrorism. These three
Read MoreTaxes From A To Z 2020: C Is For Cryptocurrency Reporting
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office
Read MoreDark Deja Vu: IRS Announces Takedown Of Multi-Million Dollar Child Exploitation Website Funded By Bitcoin
The Internal Revenue Service (IRS) has announced the indictment of Michael Rahim Mohammad, a Dutch national. Mohammad, sometimes called “Mr. Dark,” has been accused of operating Dark
Read MoreIRS Clarifies Treatment Of Fortnite & Gaming Currencies On Your Taxes
Gamers (and their parents) can finally breathe a sigh of relief: Fortnite virtual currency is not taxable. If you’ve seen headlines suggesting that it is
Read More