Can I Have Cryptocurrency in my IRA?

Posted on November 17, 2021January 12, 2022 by Liz Prehn Posted in Cryptocurrency Tax Assistance

If you’re like most of us, building financial security for retirement is important to you. You may already have an individual retirement account (IRA) through your job, which you can grow by adding funds over time. But there are alternatives to the traditional IRA that promise even greater returns on...

Glossary of Common Cryptocurrency Terms

Posted on November 9, 2021November 17, 2021 by Liz Prehn Posted in Cryptocurrency Tax Assistance

Overview Investing in cryptocurrencies has increased dramatically over the past decade as investors seek better and more rapid returns. If this is your first foray into the world of crypto, however, you may find some of the terminology confusing. To help demystify at least some of these terms, we’ve created...

Tax Planning for Cryptocurrency Miners and Stakers

Posted on October 26, 2021November 9, 2021 by Liz Prehn Posted in Cryptocurrency Tax Assistance

In the last 20 years, cryptocurrency has opened an exciting new world of investment opportunities. Popular currencies like Bitcoin, Litecoin, and Zcash have sparked interest with promises of high earnings and rapid returns on investment. In all the excitement, it’s easy to forget that whether you run or stake a...

Webinar on Operation Hidden Treasure & Cryptocurrency Compliance Optimization

Posted on July 12, 2021September 10, 2021 by Liz Prehn Posted in Webinar, Cryptocurrency Tax Assistance

Thursday August 26th, 2021 This is a webinar for anyone who has cryptocurrency transactions or mining operations. We will update you on recent IRS initiatives to identify Unreported Crypto transactions, how to handle IRS Tax Audits involving cryptocurrency, tax minimizing techniques to consider, and other tax planning opportunities. This webinar...

New Cryptocurrency Tax Tips

Posted on May 7, 2021May 13, 2021 by Liz Prehn Posted in Cryptocurrency Tax Assistance

Previous Posts in this Series Part I: IRS Launches New Cryptocurrency Tax Evasion Detection Program Since the introduction of Bitcoin in 2009, new cryptocurrencies have opened vast new avenues to both personal and business investment. Virtual currencies such as LiteCoin, Cardano, and Polkadot have dramatically changed the way the world...

IRS Launches New Cryptocurrency Tax Evasion Detection Program

Posted on May 4, 2021May 27, 2021 by Liz Prehn Posted in Cryptocurrency Tax Assistance

Other Posts in this Series Part II: New Cryptocurrency Tax Tips In March of this year, the IRS’s Office of Fraud Enforcement announced the kickoff of “Operation Hidden Treasure”—a program staffed by a dedicated team of IRS investigators trained in cryptocurrency and virtual currency tracking and focused on identifying taxpayers...

The Top-Rated Cannabis Cryptocurrencies

Posted on January 3, 2019April 25, 2019 by moskowitz Posted in Cannabis Practice Group, Cryptocurrency Tax Assistance

In light of the dangers associated with safeguarding thousands of dollars in cash transactions daily, it’s no wonder that cryptocurrency is so attractive to cannabusinesses. In this post, we will introduce some of today’s top-rated cannabis cryptocurrencies. Cannabis cryptocoins Cryptocoins (cryptocurrency) are generally used just like real coins – to...

Using Cryptocurrency in Your Cannabis Business: Possible Solution to a Serious Banking Problem

Posted on December 31, 2018April 25, 2019 by moskowitz Posted in Cannabis Practice Group, Cryptocurrency Tax Assistance

Despite the increase in the number of states that have been legalizing marijuana for both medical and recreational use, many banks are still reluctant to assist marijuana growers, manufacturers, and retailers. Cannabis cryptocurrency provides a promising alternative. This past June, the House Appropriations Committee rejected a measure that would have...

New Global Partnership Formed to Combat International Tax Crime

Posted on October 15, 2018February 13, 2019 by moskowitz Posted in International Taxation, Criminal Tax Law, Cryptocurrency Tax Assistance

Law enforcement leaders from five countries have joined efforts in their fight against international tax crime and money laundering. The new “Joint Chiefs of Global Tax Enforcement” (J5) brings together tax enforcement authorities from Australia, Canada, the Netherlands, the U.K. and the U.S. to develop new strategies in the pursuit...

Government Regulation of Cryptocurrency

Posted on June 15, 2018February 13, 2019 by Liz Prehn Posted in Tax: Audits, Litigation & Collection, Cryptocurrency Tax Assistance

Governments throughout the world have begun developing regulations for cryptocurrency exchanges. In this post, we will provide an overview of how various U.S. government agencies view cryptocurrencies and what they are doing to prevent their misuse. The Internal Revenue Service Digital currency = property In 2014, the IRS issued Notice...

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Category: Cryptocurrency Tax Assistance