IRS is Targeting Business Transactions in Virtual Currencies

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And it has just been announced that the IRS is targeting virtual currencies that are used in business transactions users in a new “educational letter” campaign. The nuts and bolts Unlike cash or credit cards, small businesses generally don’t accept bitcoin payments for routine transactions. However, a growing number of larger retailers — and online businesses — now accept payments. Businesses can also pay employees or independent contractors with virtual currency. The trend is expected to continue, so more small businesses may soon get on board. Bitcoin has an equivalent value in government issued...

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the trend may trickle down to smaller businesses. Businesses also can pay employees or independent contractors with virtual currency. But what are the tax consequences of these transactions? Bitcoin 101 Bitcoin has an equivalent value in real currency and can be digitally traded between users. It also can be purchased with real currencies or exchanged for real currencies. Bitcoin is most commonly obtained through virtual currency ATMs or online exchanges. Goods or services can be...

As posted to the Naomi Brockwell You Tube Channel on 2/10/18 Naomi Brockwell sits down with Dr. Ron Paul at the recent Satoshi Roundtable in Cancun to discuss the importance of  cryptocurrency.  Dr. Paul has championed the concept of having a currency that the government can't control long before the advent of cryptocurrencies.  He references Nobel laureate F. A. Hayek's proposal about competing currencies and de-nationalizing money . . . the fact that money came about naturally . . . that governments took it over and monopolized it . . . and that he would like to see the legal tender laws reversed. Dr. Ron Paul is an American author, physician, and former politician.  He is a 12 term U.S. Congressman and 3 time presidential candidate.  Since retiring...