Tag: Virtual Currency

Cryptocurrency Wages

Dealing with Cryptocurrency Wages

We’ve discussed bitcoin and other cryptocurrency taxation often in recent posts. Given the IRS’ recent tax collection efforts regarding cryptocurrency, this makes perfect sense. Cryptocurrency appears to be here to stay, although it seems very likely that we will see more fluctuations in its value in the near future. But the fact that it’s here […]

Cryptocurrency Charitable Contributions

Cryptocurrency Charitable Contributions

Cryptocurrency taxation came up recently again in the media when the IRS confirmed the tax treatment of cryptocurrency charitable contributions. Most laypeople have some idea of the rules regarding tax deductible charitable contributions. When you make a donation to a recognized charity, the donor may take a deduction for this contribution. The rules can get […]

Crypto-Currency Act of 2020

The Crypto-Currency Act of 2020

A new bill in Congress may add significant clarity to the Federal regulation of cryptocurrency and other crypto-assets. This new bill, which was introduced by Arizona Congressman Paul Gosar, is called The Crypto-Currency Act of 2020. We’ve talked about the regulatory issues and challenges surrounding bitcoin and other cryptocurrencies previously on our blog. For instance, […]

Bitcoin Money Laundering

Bitcoin Money Laundering

For most Americans who are aware of it, bitcoin is a harmless curiosity. For some, bitcoin may potentially raise serious questions about bank security and the purpose of fiat currency. But for most, bitcoin isn’t considered a force to be reckoned with or seen as something which can cause major societal changes. This perception is actually […]

Crypto Tax

Crypto Tax & Rev Rul 2019-24

We’ve said before that the IRS will only continue to increase its crypto tax collection efforts on cryptocurrency gains. We now have concrete proof that this is in fact the case. On October 9, IRS guidance came in the form of IR-2019-167, which contains two important additions to the IRS enforcement of crypto tax. IR-2019-167 […]

Cryptocurrency Terminology

Key Cryptocurrency Terminology

In a previous post on cryptocurrency, we discussed the formation of the New York Cryptocurrency Task Force and its purpose. As we discussed, this unit will play a big role in shaping New York State policy regarding cryptocurrency. What’s more, this unit may ultimately end up impacting the policies of other states and even foreign […]

New York Cryptocurrency Task Force

New York Cryptocurrency Task Force

Recently, we discussed the basics of BitLicense, the credential required by New York State for cryptocurrency-based businesses. New York has also introduced another measure to impact cryptocurrency business and transactions in New York; it will also have implications throughout the country. Specifically, Governor Andrew Cuomo has assembled a New York Cryptocurrency Task Force”. Its goal […]

New York BitLicense

New York BitLicense Laws

Back in 2014, the superintendent of New York’s Department of Financial Services (NYDFS), Benjamin Lawsky, designed New York’s special license for cryptocurrency businesses. This special license, known as a New York BitLicense, attempts to regulate and better control the cryptocurrency industry. The license encourages compliance with both the terms and conditions of applicable regulations. It […]

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