El 01/22/24, el IRS le recordó a los contribuyentes que deben responder nuevamente a la pregunta sobre activos digitales 2023 en los formularios 1040 y 1040-SR y reportar todos los ingresos relacionados con activos digitales...more
On 1/22/24, the IRS reminded taxpayers that they must again answer the digital asset 2023 question on Forms 1040 and 1040-SR and report all digital asset related income when they file their 2023 federal income tax return, as...more
In an early release (10/17/18) of Draft IRS Tax Forms 1040 and 1040-SR Instructions, the IRS has provided U.S. Taxpayers digital assets holders a bit more clarity about how to report digital assets on their 1040 income tax...more
En una nueva Guía de Cumplimiento de Sanciones, la Oficina de Control de Activos Extranjeros (“OFAC”) del Tesoro de los EE. UU. reitera que las obligaciones de cumplimiento se aplican por igual a las transacciones que...more
Does your Twitter, Reddit, Facebook, Instagram or other social media feed feature photos of your new sports car, boat, fabulous vacation or the beach house that you bought with your crypto gains? Do you also report a low...more
1/25/2022
/ Bitcoin ,
Cryptoassets ,
Cryptocurrency ,
Data Collection ,
Enforcement Priorities ,
Government Investigations ,
IRS ,
Reporting Requirements ,
Social Media ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Virtual Currency
Don’t Expect Coherent Rules to Align Any Time Soon -
Multiple enforcement agencies within the US government agree that the $2.5 trillion crypto industry needs regulation. And heads of the largest crypto companies have told...more
During the first half of 2021, 68 different ransomware attacks extracted approximately $600 million from victims across the United States. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) says that the...more
Macroeconomic concepts tell us that when supply of a valuable commodity is limited, demand for it will rise, and so will its price. Fiat currencies are backed by governments and central banks and more can be printed at will. ...more
Danger signs abound -
Despite its volatile and speculative nature, a single bitcoin is trading at around $61,134 (11/5/21.) Demand is growing exponentially, despite multiple danger signs. ...more
Despite the confusing interpretations by US regulators, non-compliance with crypto tax rules can cost taxpayers dearly. Unfortunately, the answer to “how is virtual currency taxed” depends on who you ask....more
11/17/2021
/ Bank Secrecy Act ,
Bitcoin ,
Capital Gains ,
Cryptocurrency ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
FinCEN ,
Income Taxes ,
Investment ,
IRS ,
Money Services Business ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Trading Platforms ,
Virtual Currency
I Predicted the Subprime Lending Bubble’s Collapse. The Signs Are The Same For Crypto.
When I predicted the bursting of the housing market’s subprime lending bubble in 2006, a lot of people called me crazy....more
Definition of a broker is debated The Biden Administration’s 2021–2022 Priority Guidance Plan (the Plan) supports a push from the IRS and the US Treasury to more closely scrutinize the virtual currency industry....more
11/4/2021
/ Bitcoin ,
Brokers ,
Capital Gains ,
Cryptocurrency ,
Financial Services Industry ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns ,
Virtual Currency
In a new Sanctions Compliance Guide, The Office of Foreign Assets Control (OFAC) of the U.S. Treasury reiterates that compliance obligations apply equally to transactions involving virtual currencies and those involving...more
11/2/2021
/ Bitcoin ,
Blocked Person ,
Compliance Management Systems ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Currency ,
Economic Sanctions ,
Financial Transactions ,
Internal Controls ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Standards ,
SDN List ,
Virtual Currency
A surge in cryptocurrency prices this year created many crypto paper millionaires and brought millions into the game. But the digital currency market is a rollercoaster ride. As a result, many of those fortunes have already...more
If you’ve engaged in cryptocurrency or other virtual currency transactions worth $20,000 in any one year between 2016 and 2020, the IRS wants to hear from you. The IRS believes thousands of taxpayers are not telling the...more
7/20/2021
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
John Doe Investigation ,
Popular ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
Taxpayers who engaged virtual currency transactions in 2020 must answer a Yes or No Question on page 1 of Form 1040 or Form 1040-SR. The question is: “At any time during 2020, did you receive, sell, send, exchange or...more
On February 12,2020, the U.S. Government Accountability Office (GAO) published a Report on Virtual Currencies which discusses whether Taxpayers who use Virtual Currency (VC) are fully meeting their tax obligations. ...more
6/9/2020
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FATCA ,
FBAR ,
Filing Requirements ,
Financial Transactions ,
IRS ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
In 2019, taxpayers who engaged in a transaction involving virtual currency will need to file Schedule 1, Additional Income and Adjustments to Income. Schedule 1 of the 2019 1040 Form presents the question to Taxpayers...more
On 10/9/19, IRS issued Rev. Rul. 2019-24 addressing the issues of a Taxpayer having gross income under § 61 of the Internal Revenue Code as a result of a hard fork of a cryptocurrency that the Taxpayer owns if the Taxpayer...more
12/13/2019
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
Financial Transactions ,
Gross Proceeds ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Tax Liability ,
Tax Planning ,
Virtual Currency
During the month of October 2019, IRS issued Revenue Ruling 2019-24, FAQ’s on Virtual Currency Transactions and a DRAFT Form of Schedule 1, which, for the first time presents the question: “At any time during 2019, did you...more
11/15/2019
/ Bitcoin ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Filing Requirements ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities...more
7/22/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Civil Monetary Penalty ,
Enforcement Actions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Money Services Business ,
Money Transmitter ,
Peer-to-Peer ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Tax Planning ,
Virtual Currency
Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. ...more
4/8/2019
/ 1099s ,
Bitcoin ,
Capital Gains ,
Digital Assets ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investment Opportunities ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Virtual Currency
El 8 de agosto de 2018, el Director de FinCEN, Kenneth A. Blanco, pronunció un discurso en la Conferencia Técnica (Legal) Chicago-Kent Block 2018. Los puntos más destacados de sus comentarios incluyen...more
12/6/2018
/ 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
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
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