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Cryptocurrency

Aug 14, 2019

IRS Targets Crypto with Thousands of Letters to Virtual Currency Users

In perhaps a historic action, the IRS announced that by the end of this month it will contact more than 10,000 taxpayers with reminders of the federal income tax consequences of transactions involving virtual currencies.  Taxpayers who the IRS believes have engaged in virtual currency transactions that may have given rise to unreported or improperly reported income tax liabilities are urged to review past tax filings, file amended, or delinquent returns if necessary, and pay any required back taxes, interest, and penalties due to prior failures to fully or accurately report income from transactions involving virtual currency. » Read More

Jul 01, 2019

Facebook Enters Epicenter of Blockchain Technology with Libra

The questions of exactly what money is and who will control it have become much more interesting, as Facebook unveils plans for a frictionless cryptocurrency called Libra. Facebook describes it as “a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets.”

Federal and local regulators in the U.S.» Read More