Cryptocurrency tax debt collection is here to stay. This has been made very clear by recent statements of the IRS. The IRS has already put a great deal of effort toward backing up its stated intention to enforce tax laws on cryptocurrency gains. We’ve seen an example of this with the 10,000+ letters sent out […]
We’ve been discussing virtual currency, cryptocurrencies, and digital currency quite a bit lately here. That’s by design. They’ve all been in the media a lot lately. That’s largely due to the increased tax collection efforts by the IRS. Many bitcoin holders started out with the impression that they were “outside the system”. Despite those impressions, […]
The IRS has ramped up its tax collection efforts regarding cryptocurrency gains in recent months. The IRS makes this fact very clear in public statement IR-2019-132. Those suspected on having profited from cryptocurrency will receive a letter notifying them about tax debt compliance. Depending on the situation of a given recipient, amended or delinquent returns may be necessary. Cryptocurrency […]
Taxes are truly one of the most irritating things around. When we grow up and start earning income, we soon realize that taxes are going to follow us forever. If you perform well in the labor market, you may enjoy a comfortable lifestyle, but you will also become well acquainted with Uncle Sam’s appetite for money. When […]
Sales suppression software cases are becoming more and more common. The use of sales suppression software, aka tax zapper software, involves software that modifies the reports generated by a point of sale, or POS, software system. Washington v. Sahagun The case we want to look at today involved a Washington State restaurant owner named Salvador […]
Cryptocurrency has come a long way. Its’ humble beginnings only go back to the late 2000s. When Bitcoin was first launched, individual Bitcoins were literally trading for just a few pennies. Now, after many ups and downs, Bitcoin has exploded in value. It currently trades at roughly $10,000 per unit. At its peak, it even traded at […]
As we’ve discussed, IRS Notice 2014-21 clarified how virtual currency (or “cryptocurrency”) is classified for tax purposes. It didn’t, however, answer every tax-related question about virtual currency. In fact, there are still plenty of issues to work out. One such issue pertains to foreign cryptocurrency FBAR filing requirements. A Recognized Medium of Exchange? Virtual currency […]
In a previous article, we discussed in detail the content of a recently IRS statement on virtual currency, or cryptocurrency, tax collection. The statement, IRS Notice IR-2019-132, says 10,000+ letters will be sent out this month to individuals with virtual currency accounts. In its statement, the IRS also made reference to an earlier piece of material on […]
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