The Tax Lawyer Blog: Topical thinking from the lawyers at Moskowitz, LLP

Cryptocurrency: Scams and How to Avoid Them

Posted on September 25, 2023October 26, 2023 by Moskowitz LLP & Amelia Hans Cryptocurrency Tax Assistance,

Crypto Security One of the most common misconceptions about Bitcoin is that people say it isn’t backed by anything, so there’s nothing that gives it any real value. Some might say the same about the U.S. Dollar, which since 1971 has had no intrinsic value as it is no longer...

Cryptocurrency: The Power of Perspective

Posted on September 14, 2023October 26, 2023 by Moskowitz LLP & Amelia Hans Cryptocurrency Tax Assistance,

In late 2008, an anonymous person (or persons) known only by the pseudonym Satoshi Nakamoto published a nine-page research paper called “Bitcoin: A Peer-to-Peer Digital Cash System” on a cryptography forum. This paper detailed all the requirements that were needed to bring this decentralized, uncensored, trustless (you don’t have to...

Cryptocurrency: The Bitcoin Killer

Posted on August 28, 2023October 26, 2023 by Moskowitz LLP & Amelia Hans Cryptocurrency Tax Assistance,

Over the years, more and more scams have begun to occur in the world of cryptocurrency. Which one is the worst of them all, however, has never been in doubt. The Times describes OneCoin as “one of the biggest scams in history.” It’s second only to Bernie Madoff’s 20-year Ponzi...

Cryptocurrency: Taxing NFTs

Posted on August 4, 2022August 16, 2022 by Moskowitz LLP & Amelia Hans, Cryptocurrency Tax Assistance,

NFTs (Non-Fungible Tokens) have been around since 2014 (around the time the IRS started taxing cryptocurrency), but people only really started to notice them after the shocking sale of “Everydays: The First 5000 Days” on March 11, 2021 to Vignesh Sundaresan. “Everydays” made history as the first NFT sold at...

Cryptocurrency: Short-Term and Long-Term Capital Gains

Posted on August 4, 2022August 16, 2022 by Moskowitz LLP & Amelia Hans, Cryptocurrency Tax Assistance,

The first international cryptocurrency transaction occurred in 2010. Laszlo Hanyecz of Florida posted on a Bitcoin forum that he would pay 10,000 Bitcoins to anyone willing to have two large Papa John’s pizzas delivered to his house. A man from London took Laszlo up on his offer and had two...

Cryptocurrency: Understanding Taxable and Non-Taxable Events

Posted on July 28, 2022August 8, 2022 by Moskowitz LLP & Amelia Hans, Cryptocurrency Tax Assistance,

The first major use of cryptocurrency was through a dark-web marketplace called Silk Road that allowed people to buy and sell illicit drugs anonymously with Bitcoin. The marketplace operated for less than three years - generating $1.2 billion in profits - before it was seized and shut down by the...

Can I Have Cryptocurrency in my IRA?

Posted on November 17, 2021January 12, 2022 by Moskowitz LLP 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 Moskowitz LLP 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 Moskowitz LLP 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 Moskowitz LLP 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 Moskowitz LLP 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 Moskowitz LLP 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 LLP 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...

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