Taxpayers should take prompt action to assess their situation, yet move carefully before making representations or filings to the IRS.
Over the past month, the Internal Revenue Service (IRS) has sent letters to over ten...more
8/21/2019
/ Amended Tax Returns ,
Bitcoin ,
Cryptocurrency ,
Failure to Report ,
Financial Transactions ,
Income Taxes ,
IRS ,
Reporting Requirements ,
Tax Audits ,
Tax Liability ,
Tax Returns ,
Virtual Currency ,
Warning Letters
Cryptocurrency owners must face death—be it their own, or that of anyone else with custody of the owner’s cryptocurrency or other digital assets. We received a stark reminder of this when the Canadian exchange QuadrigaCX...more
3/7/2019
/ Canada ,
Computer Fraud and Abuse Act (CFAA) ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Estate Planning ,
Fiduciary Duty ,
Foreign Exchanges ,
Reporting Requirements ,
Third-Party Service Provider ,
Transfer on Death Deed (TOD)
The primary professional organization for accounting professionals (AICPA) recently renewed their requests to the Internal Revenue Service for U.S. virtual currency guidance on key tax issues. The IRS has not shown any...more