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Bitcoin / Virtual Currency

December 1, 2016

What Happens if the IRS Thinks I’m Using Bitcoin to Commit Tax Evasion?

In recent years, many people have become interested in emerging financial applications of cryptography and decentralized peer-to-peer networking. While the first digital currency to leverage these […]
November 30, 2016
3 Facts Taxpayers Should Understand About Bitcoin and FBAR Reporting Requirements

Can Bitcoin Trading Create an Obligation to Pay Capital Gains Taxes?

For a multitude of reasons, Bitcoin and similar digital cryptocurrencies have captured the attention of both technology evangelists and financial traders. To start, Bitcoin represents the […]
November 29, 2016
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Are Bitcoin Miners Required to Pay Self-Employment Tax?

Many Bitcoin miners who first took up an interest in the activity did so out of an earnest and profound interest in the underlying technology and […]
November 29, 2016
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Who Pays the Taxes in a Bitcoin “Mining Pool?”

Bitcoin is a decentralized virtual currency that has become increasingly popular. As the utilization and popularity of this virtual currency continue to expand, the likelihood for […]
November 29, 2016
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How Does a Business Determine Its Taxes When Paid in Bitcoin?

Some business, most often online business, accept Bitcoin and other forms of virtual currency as payment for good provided or services rendered. Many businesses feel that […]
November 29, 2016
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Can I Face Tax Penalties for Mistakes Made with Bitcoin?

The allure of Bitcoin as a potential next step in payment methods and systems can blind even sophisticated individuals to the tax obligations that might arise […]