As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the
Virtual currencies, like Bitcoin, are gaining popularity. However, many individuals, investors, and businesses are unclear about how they actually work and if there is reporting they must do on their federal tax returns. To clear up any misinterpretation, the IRS recently announced that it is targeting virtual currency users in
Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more
