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Virtual Currency › OVDP

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Foodman CPAs & Advisors

Did you know that the IRS has 59 Compliance Campaigns? Have your Audit Plan Ready!

Foodman CPAs & Advisors on

IRS Large Business and International (IRS LBI) currently has 59 Active Compliance Campaigns.  The purpose of the IRS compliance campaign strategy is to redefine large business compliance work and build a supportive...more

Blank Rome LLP

Cryptocurrency: The Tax Man Cometh Again

Blank Rome LLP on

In the wake of the success of its “Swiss Bank Program,” the U.S. Department of Justice (“DOJ”) Tax Division and the Internal Revenue Service (“IRS”) Criminal Investigation Division are gearing up for a similar initiative...more

Blank Rome LLP

IRS Releases Bitcoin Guidance; May Have A Chilling Effect On Virtual Currency

Blank Rome LLP on

Last week, the IRS released IRS Notice 2014-21 (the “Notice”), its first guidance on the income tax treatment of virtual currency, including, bitcoin. A copy of the notice can be obtained at...more

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