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...
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...
IRS Issues 2022 Dirty Dozen Scams Warning Including Crypto and Offshore Accounts
The IRS has issued a 2022 Dirty Dozen Scams warning including crypto and offshore accounts urging US taxpayers to be aware of “bogus tax avoidance strategies.” One of the most substantial buckets referenced in the report is an attempt to use offshore accounts or digital assets such as cryptocurrency in...
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...