Results for "virtual currency"
Sort By
Student-created podcasts deepen tax learning
Producing their own tax podcasts can foster students’ engagement with a broad range of topics.
Offshore and out of mind: Reporting foreign assets and gifts
This article provides an overview of the federal tax reporting requirements by U.S. persons for foreign assets and gifts, including addressing prior noncompliance.
AICPA tax advocacy on digital assets
This novel and evolving form of assets continues to raise tax questions that an AICPA task force puts forward with suggestions for IRS guidance and congressional legislation.
IRS vows new enforcement efforts aided by AI
Commissioner Danny Werfel describes an IRS that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings.
Proof-of-stake validation rewards are income in tax year received
The IRS ruled Monday that cash-method taxpayers who stake cryptocurrency native to a proof-of-stake blockchain and receive cryptocurrency validation rewards must include the fair market value of the rewards in gross income in the year they are received.
What tax litigators wish other tax professionals knew
Tax planning and compliance professionals can better position their clients — and themselves — against any civil or criminal federal tax enforcement action by taking these steps and precautions.
Questions about software tracking and reporting for basis of digital assets
Tax practitioners have many questions about how to track and report the basis of digital assets, and no clear guidance exists. Here are tips from the AICPA Virtual Currency and Digital Assets Tax Task Force.
AICPA recommends 12 digital asset FAQs for IRS to post online
The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
Taxpayers reminded about digital asset question and income reporting
The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
Tax considerations on charitable giving of cryptoassets
This item discusses key tax considerations for donors and charitable organizations that wish to give or receive digital asset donations.
Cryptoasset issues in state and local taxation
This item highlights a few issues taxpayers should consider in income taxation, sales taxation, and unclaimed property/escheat reporting.
Virtual currency grantor trusts and ETFs: Tax compliance
The unique characteristics of this new asset class present a host of additional issues unique to digital asset transactions.
AICPA recommends changing cryptoasset question
In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”
Reporting cash receipts over $10,000
This article discusses the details of the reporting requirement, providing numerous examples, and offers recommendations for practitioners when advising clients about their reporting obligations for cash receipts over $10,000.
Cryptoasset transactions: State corporate income tax implications
This item focuses on income classification and revenue-sourcing issues, with California law used to illustrate how states may address such issues.
IRS commissioner to senators: ‘Our efforts are working’
Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.
Cryptoassets: How should proof-of-stake rewards be taxed?
In light of the lack of guidance from the IRS and Treasury, the case for deferred recognition of income for staking rewards has recently gained traction.
Individual taxpayers must answer cryptoasset question, IRS notes
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
Revised voluntary disclosure form highlights cryptoassets
Full disclosure of violations, plus payment of taxes, penalties and interest may allow approved taxpayers to avoid criminal prosecution. The reporting form contains a new reporting section and instructions on virtual currency.
Recent IRS guidance on cryptoassets
This item summarizes IRS guidance on cryptoassets, including the latest releases from the Service.
