Do I need to report cryptocurrency to the IRS?

Originally coined in 2009, Virtual Currency refers to “a digital representation of value that functions as a medium of exchange, a unit of account and/or a store of value.” In some environments, it operates like real currency, but it does not have legal tender status in the United States. Cryptocurrency is a type of virtual …

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Tax implications of the Infrastructure Act

Last November congress passed the Infrastructure Investment and Jobs Act (IIJA). You may also know IIJA as the bipartisan Infrastructure bill. The bill focuses on infrastructure projects across the country including repairs and replacement of outdated bridges, water and power infrastructure, roads, railways, access to clean drinking water, access to high-speed internet, cleaning up the …

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What does the future of accounting look like?

As business, technology and economics change, we can only assume that how we account for these activities will change as well. As accountants begin to play new roles in how companies account and track their finances, new aspects such as AI, cryptocurrencies and environmental factors become more important than ever. MIT researchers have come out …

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Are cryptocurrency tax loopholes closing?

A wave of cryptocurrency tax questions from friends and family hit me this past weekend. I am unsure if it related to the stock market dip on Black Friday and people looking to invest elsewhere, the increase in popularity of digital assets or the fact that news articles are coming out about the House passing …

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Are nonfungible tokens the new Bitcoin?

Fungibility is the ability of an asset to be easily and readily interchanged for another like its kind. A $5 bill is fungible, whereas an owned home or a car is nonfungible. Due to the asset’s inability to be interchanged, it makes it one-of-a-kind, or unique. So, what are nonfungible tokens? Don’t miss: QR codes …

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Cryptocurrency and divorce: key questions to consider

Interest in cryptocurrency, also known as digital currency, has recently exploded. Bitcoin perennially continues to be the largest cryptocurrency, followed by Ethereum. There are well over five thousand cryptocurrencies with new ones being formed and obscure names rising into prominence every day, most recently Dogecoin. One industry report estimates that approximately 20 million Americans may …

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Is increased cryptocurrency regulation on the horizon?

The last few years have brought cryptocurrencies far more into the mainstream, thanks in large part to the meteoric rise in asset value for many of the coins. Such mainstream attention has already brought additional cryptocurrency regulation and IRS scrutiny – in 2014 the IRS began asking taxpayers directly on their Form 1040 whether or …

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