As long as there have been taxes levied in the world, there have been those who try to work the system or evade taxes altogether. Unfortunately for many, the world has become a much smaller place for those who wish to underreport income or shelter their income and assets. The...
IRS Continues to Tighten Focus on U.S. Cryptocurrency Investors
2025 has brought substantial new challenges as the IRS continues to tighten its focus on U.S. cryptocurrency investors. Cryptocurrency brokerages are required to report gross proceeds for each digital asset transaction they manage on IRS Form 1099-DA. This requirement applies to all digital currency transactions on or after January 1st...
How Will the New Crypto Tax Proposal Potentially Affect Your Current Digital Strategy?
How has the administration’s new crypto tax proposal affect your current digital strategy? How do recent price surges in many cryptocurrencies affect the taxable events of US taxpayers? The value of many cryptocurrencies has been trending substantially upward over the past three months. Many of the most popular cryptocurrencies outside...
Have You Disclosed Offshore Cryptocurrency and NFT Activities to the IRS?
Have you fully disclosed offshore cryptocurrency and NFT activities to the IRS? Earlier this month, the US Department of Justice announced the indictment of a Texas man for tax returns that were inaccurate, incomplete, or untrue as well as setting up cash deposit transactions in an attempt to avoid detection. ...
The New IRS Tax Implications of Crypto Staking
What is the concept of “staking” in terms of cryptocurrency assets and what are the new IRS tax implications of crypto staking for US Taxpayers who invest in cryptocurrencies? The concept of staking requires a general understanding of the blockchain networks and how information is captured and validated. In simplest...
The US Treasury Department and IRS Have Released New Proposed Regulations on Sales and Exchanges of Digital Assets
The US Treasury Department and the IRS have released new proposed regulations on sales and exchanges of digital assets such as cryptocurrencies and Non-Fungible Tokens or NFTs. What taxes would a US taxpayer owe associated with cryptocurrency transactions or the Sale of a Non-Fungible Token? The proposed rules are open...
IRS and California Tax Issues Associated with Non-Fungible Tokens or NFTs
What is a Non-Fungible Token or NFT and what are the IRS and California tax issues associated with Non-Fungible Tokens or NFTs which might apply to you? NFTs are unique tokens based in and recorded within a blockchain that are essentially like artwork or one-of-a-kind media tokens or other form...
ABCast Episode 13 – Cryptocurrency and NFT Services
In the ABCast Episode 13 - Cryptocurrency and NFT Services Jan discusses the impact of onshore and offshore ownership of cryptocurrency and Non-Fungible Tokens or NFTs from a tax and accounting perspective. What are some of the common misconceptions US citizens tend to believe regarding IRS compliance, tax reporting and...
Digital Currency as a Tax Dodge – The Reality of Crypto and the IRS
Many US citizens and expatriates are considering digital currency as a tax dodge and a way to hide income and assets from the IRS. The reality of cryptocurrency or “Crypto” and the IRS may shock you. Crypto myths and schemes abound, but what are the genuine facts? If you are...