Taxing your Online Ethereum Wallet

You’ve been saving up your Ether in your online Ethereum wallet. You’ve also gained a lot of profit. Now you want to legally handle your profit, to avoid trouble from the IRS or CRA or FBI. Mining Ethereum Commonly, miners will received a steady income from their ventures. It could be a lot of Ether, …

Saving for Retirement with Bitcoin

The rise and persistence of bitcoin and other digital currencies has led many to wonder whether funds in tax deferred retirement accounts can be used to make investments in them. In fact, they can. There are a few different ways to incorporate digital currencies into a retirement portfolio, but also several very important restrictions. The …

Bitcoin And Sales Taxes

The IRS classification of bitcoin and other so-called “virtual currencies” as property under the US Internal Revenue Code earlier this year created a variety of unanticipated and potentially undesirable consequences. Since many states incorporate the US Internal Revenue Code by reference, bitcoin’s classification as property at the federal level trickles down to the state level. …

Don’t Under report your Income

Imagine a scenario in which you don’t report the majority of your bitcoin profits on on your US expense form. You’ve probably considered it at some point. How might the IRS know? Surely they would not be so omniscient. Well, I get this inquiry from customers in any event as regularly as I see it in …