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Cryptocurrency

Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure Bill

Submitted by Desmond Wealth Management, Inc. on December 20th, 2021

Over the last 3 years, the Internal Revenue Service has been engaged in a virtual currency compliance campaign to address tax noncompliance related to cryptocurrency use. The IRS’ efforts have included outreach to taxpayers through education, audits of taxpayers’ returns, and even criminal investigations.

Tags:
  • Cryptocurrency
  • investment
  • Tax Law
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Understanding the Taxation of Cryptocurrency Transactions

Submitted by Desmond Wealth Management, Inc. on October 27th, 2021

If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about. Unfortunately, there are some unanswered questions and little specific guidance offered by the IRS other than in Notice 2014-21 and Revenue Ruling 2019-24.

Tags:
  • Cryptocurrency
  • investment
  • Tax Law
  • tax return
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Cryptocurrency: What’s It All About? Part 3: Trading in Cryptocurrency

Submitted by Desmond Wealth Management, Inc. on August 4th, 2021

We covered a lot of ground in parts 1 and 2 of this three-part series on cryptocurrency. You may or may not be interested in using cryptocurrency as a means of exchange, but what about trading in it, directly or in fund form? If you’re considering that possibility, know that at this point: 

Tags:
  • Cryptocurrency
  • investment
  • Portfolio goals
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Cryptocurrency: What’s It All About? Part 2: Spending Cryptocurrency

Submitted by Desmond Wealth Management, Inc. on June 22nd, 2021

In part 1 of our three-part series, we introduced cryptocurrency in general. Next, let’s explore the challenges and opportunities that exist for those hoping to earn, store and spend their bitcoin or similar cryptoassets. 

 

The Crypto-Possibilities

Tags:
  • Cryptocurrency
  • investment
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Cryptocurrency: What’s It All About? Part 1: Understanding Cryptocurrency

Submitted by Desmond Wealth Management, Inc. on April 20th, 2021

It’s hard to scan the financial headlines these days and not spot at least one call to action related to Bitcoin’s latest moves. Has all the attention given you cryptocurrency fever, or are you at least wondering what it’s all about?

Tags:
  • Cryptocurrency
  • investment
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