Government agencies apparently believe that expertise from blockchain analytic firms is required to assist with investigating illicit activities such as tax evasion, money laundering, terrorist financing, and drug markets. ...more
11/21/2018
/ Blockchain ,
Criminal Investigations ,
Cryptocurrency ,
FBI ,
Government Investigations ,
Immigration and Customs Enforcement (ICE) ,
IRS ,
Money Laundering ,
Popular ,
Tax Evasion ,
Terrorist Financing ,
Virtual Currency
On September 19, 2018, the House Ways and Means Committee wrote a letter to the IRS urging the IRS to “issue updated guidance, providing additional clarity for Taxpayers seeking to better understand and comply with their tax...more
11/20/2018
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
La Sección 6001 del Código de Rentas Internas requiere que los Contribuyentes mantengan libros y registros adecuados. Mantener libros adecuados y buenos registros de la MV ayudará al Contribuyente a...more
Internal Revenue Code Section 6001 requires Taxpayers to maintain adequate books and records. Keeping adequate VC books and good records will assist a Taxpayer to...more
Hemos leído que la Moneda Virtual (MV) es un "activo especulativo" que, en determinadas circunstancias, puede utilizarse para pagar bienes o servicios o ser retenido para inversiones; y que su intercambio o uso de intercambio...more
11/5/2018
/ Bitcoin ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FinCEN ,
Investment Opportunities ,
IRS ,
Money Services Business ,
Peer-to-Peer ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Tax Liability ,
Tax Planning ,
Virtual Currency
We have read that Virtual Currency (VC) is a “speculative asset” that under certain circumstances may be used to pay for goods or services or be held for investment; and that its sale, exchange or use has tax consequences...more
11/5/2018
/ Bitcoin ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FinCEN ,
Investment Opportunities ,
Money Services Business ,
Peer-to-Peer ,
Regulatory Oversight ,
Securities ,
Securities and Exchange Commission (SEC) ,
Tax Liability ,
Tax Planning ,
Virtual Currency
Sigue habiendo dirección limitada del Tesoro de los EE.UU y el IRS sobre la Moneda virtual (MV) y los inversionistas de la MV deben proceder con cautela....more
10/8/2018
/ 1099s ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Financial Instruments ,
Financial Transactions ,
Income Taxes ,
Investment Opportunities ,
Investment Products ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Taxable Income ,
Virtual Currency
La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...more
10/5/2018
/ 1099s ,
Bitcoin ,
Bitcoin Mining ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Fair Market Value ,
FICA Taxes ,
Financial Transactions ,
FUTA ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Required Forms ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
Both the American Bar Association (ABA) and the American Institute of Certified Public Accountants (AICPA) have written letters (3/19/18 for the ABA and 5/30/18 for the AICPA) to the IRS to obtain further definition and...more
9/24/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FBAR ,
Foreign Exchanges ,
Foreign Financial Accounts ,
Foreign Financial Institutions (FFI) ,
IRS ,
Offshore Funds ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Virtual Currency
The last Notice issued by the IRS on Cryptocurrency was Notice 2014-21 posted on March 25, 2014 providing guidance in the form of answers to frequently asked questions. ...more
9/14/2018
/ Bitcoin ,
Bitcoin Mining ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
FDAP ,
Filing Requirements ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
On August 8, 2018, FinCEN Director Kenneth A. Blanco, delivered a speech at the 2018 Chicago-Kent Block (Legal) Tech Conference. Highlights from the commentary include...more
9/10/2018
/ AML/CFT ,
Bitcoin ,
BSA/AML ,
Cryptocurrency ,
Digital Currency ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Money Laundering ,
Money Transmitter ,
Token Sales ,
Virtual Currency
La aceptación de la moneda virtual (MV) como forma de pago de bienes y servicios está creciendo. Estados como Arizona y Georgia han presentado proyectos de ley que permitirían a los contribuyentes de esos Estados pagar sus...more
9/7/2018
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
La posesión de moneda virtual, también conocida como criptomoneda, es legal tanto en los EE.UU como en muchas otras partes del mundo. La forma más conocida de moneda virtual es Bitcoin. ...more
9/6/2018
/ 1099s ,
Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
FATCA ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
Debido al nivel sin precedentes de apreciación del valor, los inversionistas de Bitcoin, consumidores y empresas están buscando la orientación del IRS. El IRS reconoce que la "moneda virtual" se puede usar para pagar bienes...more
9/5/2018
/ Bitcoin ,
Bitcoin Mining ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an...more
8/24/2018
/ Bitcoin ,
Blockchain ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Crimes ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Money Laundering ,
Popular ,
Regulatory Oversight ,
Reporting Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
There continues to be limited Virtual Currency (VC) guidance from the US Treasury and the IRS and VC investors ought to proceed cautiously. IRS continues to make reference to Notice 2014-21 to remind Taxpayers that VC...more
8/17/2018
/ Banking Sector ,
Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Technology ,
Virtual Currency
Para propósitos de los Impuestos Federales de la Renta de los EE.UU, la Moneda Virtual (MV) se trata como “propiedad” (property). Como resultado, un inversionista de MV debe vigilar muy de cerca las posibles ganancias netas...more
8/3/2018
/ Bitcoin ,
Capital Gains ,
Coinbase ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Money Transmitter ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
On 5/30/18, the American Institute of CPAs (AICPA) sent a letter (https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180530-aicpa-comment-letter-on-notice-2014-21-virtual-currency.pdf) to the IRS...more
7/30/2018
/ AICPA ,
Bitcoin ,
Bitcoin Mining ,
Charitable Donations ,
Cryptocurrency ,
De Minimus Quantity Exemption ,
Digital Currency ,
Financial Instruments ,
Future Tax Treatment ,
IRS ,
Reporting Requirements ,
Trading Platforms ,
Virtual Currency
El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: "Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos"....more
7/16/2018
/ Banking Sector ,
Bitcoin ,
Blockchain ,
Coinbase ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
FATCA ,
Financial Transactions ,
Investment ,
IRS ,
John Doe Investigation ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Technology ,
Virtual Currency
Los inversionistas de la Moneda Virtual (MV) utilizan los servicios de plataformas en línea "seguros" para comprar, vender, transferir y almacenar la MV. Los proveedores de estos servicios se conocen como “wallets,...more
Law Firms, like other businesses, want to be able to offer more services to more clients expanding; the scope of their reach. This might entail entering the world of Virtual Currency (VC) and accepting payments such as...more
There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC). Prior to the passage of the Tax Cut and Jobs Act (TCJA), VC investors could take the position that if they “exchanged or swapped”...more
7/2/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Ethereum ,
Financial Transactions ,
Internal Revenue Code (IRC) ,
IRS ,
Reporting Requirements ,
Swaps ,
Tax Cuts and Jobs Act ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Virtual Currency
The ins and outs of virtual currency (VC) continue to challenge those who received VC for services rendered, accepted it for goods sold, bought it for investment less than a year ago, bought it for investment more than a year...more
6/22/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Investment ,
IRS ,
Regulatory Agencies ,
Regulatory Oversight ,
Reporting Requirements ,
Tax Evasion ,
Tax Planning ,
Tax Returns ,
Virtual Currency
Virtual Currency (VC) storage comes in the form of a “wallet” with private digital keys. The “wallets” can be domiciled in VC exchanges that operate in the US or foreign jurisdictions....more
6/15/2018
/ AICPA ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FATCA ,
FBAR ,
Investment ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC. US Agencies: IRS, FinCEN, SEC and CFTC – have expressed...more
5/11/2018
/ Bitcoin ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Currency ,
FinCEN ,
IRS ,
Money Services Business ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Securities ,
Securities and Exchange Commission (SEC) ,
Tax Planning ,
Trading Platforms ,
Virtual Currency