By: Stephen M. Yoss

Cryptocurrency Generation and Taxation

Cryptocurrency Generation and Taxation

New cryptocurrency investors and CPAs alike have questions about how digital currency tokens are created, traded, and taxed. Below, we’ll give an overview of how miners acquire derivatives of a cryptocurrency token, as well as a brief synopsis of what the IRS has said so far regarding the taxation of gains on the trading of digital currencies.

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By: Stephen M. Yoss

Blockchains, Cryptocurrencies, and Bitcoin

Blockchains, Cryptocurrencies, and Bitcoin

With the exponential rise in the value of Bitcoin over the last year, interest in cryptocurrencies is higher than ever. Investors, CPAs, and the IRS are all trying to figure out what it means and where we’re headed. The truth is, no one is entirely sure. But, what is certain is that cryptocurrencies aren’t going anywhere and will prove to be a disruptive technology in coming years.

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By: Sharon Kreider

Charitable Deductions

Don’t stop reading this important Tax Court decision because the charity deduction is so big – none of my clients donate that much – or because the taxpayer claimed outrageous FMV on the donated property – I’d never let my client get that greedy. Instead, read to the end to find out that the Tax Court disallowed the entire charitable deduction because there was an omission on the Form 8283. Did I forget to completely fill in the form? The court didn’t care if the omission was intentional or unintentional. The deduction was disallowed.

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