In March of 2025, the Congress passed bipartisan legislation blocking enforcement of the exchange reporting requirement. The reporting measure, which the IRS delayed multiple times in response to industry criticism, became ripe for legislative challenge under a procedural rule that grants the Congress sixty days to overturn final government regulations. The remainder of this post…
Anyone who sticks with cryptocurrency investing long enough will eventually find themselves holding worthless or nearly worthless coins. Altcoins of limited utility will simply fail to catch on, or developers will disappear, or the market will fail to show favor to an obviously useless meme coin. In almost all cases, worthlessness will coincide with the…
The IRS requires a qualified appraisal for donations of property. Without it, your charitable donation deduction may be disallowed. Generally, IRC Sec. 170(f) requires a taxpayer to satisfy certain substantiation requirements to claim a charitable contribution deduction. Recently, the IRS disallowed a taxpayer’s charitable contribution deduction for a donation of more than $5,000 in cryptocurrency…
Here are a couple of federal tax updates relating to cryptocurrency, courtesy of our colleagues at the AICPA Journal of Accountancy. Form 1040 virtual currency query revised for 2021 A draft version released in July of Form 1040, U.S. Individual Income Tax Return, for the 2021 tax year on page 1 retains the question from…
Where and when can I get my bitcoin debit card? According to a few exchanges and trading platforms, the answer may be “soon.” A small handful of companies are locked in a tight race to be the first to develop and sell a non-prepaid debit card backed by customer-owned bitcoins. Xapo’s branded debit card appears…
A recent World Bank report dismissed the assertion that cryptocurrencies are a deliberate scam, granting bitcoin a welcome credibility boost…sort of. Instead of the usual criticism, the report paid bitcoin a rather backhanded compliment by its description as a “naturally occurring Ponzi.” In other words, “no one is actually in charge of manipulating bitcoin, but…
End of content
End of content