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 MoreTag: 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,
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Treasury 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
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What 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
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Justice 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
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What’s New On Form 1040 For 2020
The Internal Revenue Service (IRS) has released a draft of Form 1040, U.S. Individual Income Tax Return. There are several notable changes to the form proposed for
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
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Cryptocurrency Like Bitcoin Could Be Taxable
Form 1040 may look similar to last year’s return, but there’s one key difference that’s attracting attention: a question about cryptocurrency. As I reported late last
Read MoreIRS Clarifies Tax Treatment For Virtual Currency Charitable Donations
Looking to reduce your taxable income with a donation of virtual currency to charity? The Internal Revenue Service (IRS) has issued guidance for donors (and
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