Cryptocurrency Tax Laws
Cryptocurrency Tax Laws: In the past five (5) years, cryptocurrency has taken center stage with the IRS. Even with the issuance of Revenue Rule 2019-24 and Notice 2014-21, there are still many unanswered questions about cryptocurrency and Bitcoin (terms used interchangeably in this article), especially in the offshore & international Cryptocurrency arenas.
In recent years, we have seen the:
-introduction of J-5,
-IRS vigorously pursuing the Coinbase Summons, and
the issuance of 6173 and 6174 notices
As a result, Taxpayers with cryptocurrency must be cognizant of the basic tax rules.
We will summarize the basics of U.S. cryptocurrency tax laws.
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