Category Archives: Cryptocurrencies

Online Gambling and Cryptocurrency Addresses for 2024

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 Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading

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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

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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

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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

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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

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Online Gambling and Cryptocurrency Addresses for 2023

[This list has been superceded by the 2024 list.] If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2022, you must file the Report of Foreign Bank and … Continue reading

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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

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If You Use FTX (Cryptocurrency Exchange)

Cryptocurrency exchange FTX (FTX.com and FTX.us) appears to be in severe financial difficulties.  Binance was going to purchase them, but that purchase isn’t going to happen.  It appears that FTX could fail at any time.  There are a number of … Continue reading

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The Jarretts Win a Pyrrhic Victory

Let’s say you really want the IRS to change how it treats an issue that impacts you.  So you file a tax return including that item (as the IRS wants it done), adding $9400 of income and $2000 to your … Continue reading

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Are NFTs Subject to Sales and Other State and Local Taxes?

Let’s say you’re Ralph, and you create a series of Non-Fungible Tokens (NFTs).  You begin selling these NFTs, and each sells for the equivalent of $100,000.  Of course, that income is subject to income tax (it’s an accession to wealth, … Continue reading

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