Cyptocurrency (such as Bitcoin) is a type of virtual currency. This is an emerging area and consequently transactions involving use of crypto come with an enormous amount of US tax uncertainty. The Internal Revenue Service (IRS) has taken a keen interest in virtual currency since its use provides a way for taxpayers to avoid tax … Continue reading IRS’ Crypto Guidance – No, You Cannot Rely On It.
It’s been no secret that cryptocurrency is in the crosshairs of the Internal Revenue Service (IRS). Virtual currency is one of the IRS “campaigns” and criminal investigations related to crypto already started last year. Taxpayers are being sent “educational” letters to remind them and warn them of their tax obligations when it comes to the … Continue reading Cryptocurrency and Your 2019 Tax Return – Handle With Care
The stress of tax filing time had been on full throttle in April, and taxpayers abroad were scrambling to meet the tax filing deadline in June ... many taxpayers are on extension until October. Here's a familiar scenario: You need to find an answer to a tax question and turn to your good friend, Mr. … Continue reading IRS Website = Unreliable, Legal Weight = Zilch