Posts Tagged ‘Cryptocurrency’
IRS Aims to Expose Cryptocurrency-related Income with New Question on Form 1040
Earlier this month, the IRS released the first guidance in five years on the taxability for virtual currency transactions, including the Revenue Ruling 2019-24 and a FAQ document that both aimed to support and clarify the IRS’s position on how virtual currency should be treated for federal tax purposes. These two releases provided valuable insight…
Read MoreWhat is a Blockchain Wallet?
Q: How do you carry your bitcoins? A: In a wallet, of course. A wallet on any blockchain platform can be likened to a bank account, but without the hassle involved in opening the bank account. You can go to Bitcoin or Ether or MyEthereum.com and create your very own wallet in minutes. Unlike a…
Read MoreHow Does Blockchain Work?
Blockchain technology is all about trust and transparency. In the current model of commerce, we place “assumed trust” in companies that provide a product or service — and in the intermediaries that facilitate the exchange of value. Take the simple act of purchasing a food item. We indirectly place our trust in every single vendor,…
Read MoreCryptocurrency and Taxes: The Impact of Mining, Spending and Trading
When it comes to the challenges of cryptocurrency and taxes, ambiguity reigns. But companies should still plan ahead to avoid future problems.
Read MoreThe Future of Cryptocurrency? Used in ‘Every Store,’ Says BitPay Cofounder
What’s the future of cryptocurrency? Ask Stephen Pair, and you won’t get a cryptic answer. “I can anticipate the day when every store will accept payment in a cryptocurrency,” says Pair, CEO and cofounder of BitPay. The Atlanta-based company is the world’s first and largest bitcoin payment processor. We spoke with Pair about the future…
Read MoreDo You Know the Tax Impact of Your U.S. or Non-U.S. Token Sale?
Initial coin offerings (ICOs) offer blockchain-based companies a whole new way to raise capital — but such companies need to be aware of tax issues.
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