Notice 2014-21 SECTION 1. PURPOSE This notice describes how existing general tax principles apply to transactions using virtual currency. The notice provides this guidance in the form of answers to frequently asked questions. SECTION 2. BACKGROUND The Internal Revenue Service (IRS) is aware that “virtual currency” may be used to pay for goods or services, […]
Prepared remarks by David S. Cohen, Under Secretary of Terrorism and Financial Intelligence 3/14/2014 to Bloomberg News. I hesitated to draft written remarks for today. Developments in the virtual currency world occur so rapidly, I was concerned that anything I wrote would be overtaken by events before I got here. In fact, since this event […]
Q-1: How is virtual currency treated for federal tax purposes? A-1: For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency. Q-2: Is virtual currency treated as currency for purposes of determining whether a transaction results in foreign currency gain or loss […]
IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply WASHINGTON – The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications […]
Venture capitalists and major investors have been funneling money into bitcoin companies in the last year, in what some have likened to the early stages of investing in Internet companies. There have been a number of setbacks for the virtual currency, including the Mt. Gox bankruptcy and an investor alert from the Financial Industry Regulatory […]
The Bitcoin4Biz Payments Summit will kick off with Overstock.com Executive Vice Chairman, Jonathan Johnson III on September 29. Johnson will join Bitcoin visionaries Tony Gallippi, Charlie Lee, Patrick Murck, David Johnston and Matt Roszak to headline a conference targeted toward business leaders and bitcoin technologists. Seattle Bitcoin Summit brings together the thought leaders around payments, […]
Local business-to-business corporate debt recovery agency Johnson, Morgan & White recently announced that they’ve begun accepting Bitcoins as payment. The number of businesses accepting Bitcoin as currency globally has risen sharply in the past year, and they now number in the thousands. This, despite the bad reputation Bitcoins sometimes have in some media circles. Said […]
Bitcoin is coming soon to a town near you. Or, more likely, it’s already there. The five-year-old digital currency is increasingly being adopted by brick-and mortar businesses, including dentists, pet boutiques — even a small honey business in Utah. In 2012, about 1,000 businesses used BitPay, the largest processor of Bitcoin payments. Today, more than […]
The jury might still be out on Bitcoin but that hasn’t stopped Perth-based technology entrepreneur and BRW rich-lister Zhenya Tsvetnenko from having a go at turning virtual currency into real dollars. Mr Tsvetnenko’s latest venture, digitalBTC, is hoping to raise $9.1 million through the reverse takeover of ASX-listed Macro Energy. Under the terms of the […]
Perseus Telecom and Atlas jointly launched their new high-speed trading platform for Bitcoin and likely other cryptocurrencies in the future. Perseus is a firm that specializes in high-speed financial data networks, while Atlas is a relative newcomer to the Wall Street scene since starting in 2013. The platform’s debut puts Bitcoin trading much closer to […]