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Category Archives: Cryptocurrencies
Have a Form 1099-DA? Your Return Will Likely Cost More to Prepare this Year
Mid-February is when brokerage firms issue Forms 1099-B to their customers noting brokerage sales. New for the 2025 tax year is Form 1099-DA, “Digital Asset Proceeds from Broker Transactions” (aka cryptocurrency disposals). Many of our clients have begun to receive … Continue reading
Online Gambling and Cryptocurrency Mailing Addresses for 2026
If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2024, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading
Posted in Cryptocurrencies, Gambling
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Online Gambling and Cryptocurrency Addresses for 2024
This list has been replaced by the 2025 List. If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2023, you must file the Report of Foreign Bank and … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling
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IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300
The IRS officially announced today that businesses do not have to report the receipt of digital assets on Form 8300 until the Treasury and the IRS issue regulations implementing the new law. The IRS officially announced this in Announcement 2024-4. … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling, Information Returns, IRS
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Form 8300 and Cryptocurrency: Implementation Postponed
The IRS sent emails to two tax professionals regarding Form 8300 and cryptocurrency: Treasury has postponed the effective day of 12/31/2023 for filing 8300 forms regarding digital asset transactions (Cryptocurrency). The updated [form] as well as guidance on electronic filing … Continue reading
Posted in Cryptocurrencies, FINCEN
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Form 8300, Cryptocurrency, and Gambling
A Twitter/X post from John Reed Stark reminded me about an issue that may soon impact you if you are a professional gambler playing on one of the current US-facing sites such as Ignition or America’s Card Room (ACR). FINCEN … Continue reading
Posted in Cryptocurrencies, Gambling
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Unshocking News from the IRS: Staking Income Is Taxable
In what shouldn’t be a surprise to anyone, the IRS announced yesterday in Revenue Ruling 2023-14 that staking income, when received, is taxable income based on the fair market value when constructively received. This should be a surprise to no … Continue reading
Posted in Cryptocurrencies
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IRS Delays New $600 1099-K and Cryptocurrency Trading Reporting
Two big announcements from the IRS today will have a major impact on 2022 tax returns (returns filed in 2023). First, the IRS announced a delay in implementing the $600 reporting for third-party payment platforms (Form 1099-K). Quoting from the … Continue reading
Posted in Cryptocurrencies, IRS
Tagged 1099-K
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