Drake Software blog for tax pros, covering tax, IRS news, and more
Public fascination with cryptocurrency tends to follow dramatic gains and losses in the market. While the latter results in pundits sounding the death knell for Bitcoin and its ilk, the most reliable predictor for the lifespan and legitimacy of crypto lies in the Internal Revenue Service—and some newly minted crypto-holding clients may have questions about the virtual currency checkbox on their tax year 2020 Form 1040.…
Cryptocurrencies have made some early adopters a lot of money, which—for conscientious taxpayers and tax professionals alike—begs the question: how does IRS handle Bitcoin and other virtual currency?…
The Internal Revenue Service has backed off parts of its investigation into the digital currency exchange Coinbase.…
The use of virtual currency such as Bitcoin has been growing for all sorts of online financial transactions. But the Internal Revenue Service says they’re finding that very few of those transactions are being reported for tax purposes.…
The Internal Revenue Service recently issued their guidelines as far as how Bitcoin and the other virtual currencies fit into the scheme of the American tax structure. But the American Institute of…
Read more about AICPA Asks IRS for Clarification on Virtual Currency
