Sales and trading of nonfungible tokens (NFTs) are soaring recently. With the emergence of major marketplace platforms such as Opensea, NFTs are no longer an obscure segment of the blockchain technology world. Even old guard auction houses such as Sotheby’s are getting in on the action. In early September, the auction house facilitated the sale …
In May’s newsletter, we addressed virtual currencies and, more specifically, the tax consequences and recognition required due to the new IRS initiative, IRS: Hidden Treasure. In this article, we will develop and address the tax consequences related to the mining of virtual currencies such as Bitcoin, Ethereum, etc. as well as related tax issues, reporting …
Mining Virtual Currency: What Are the Tax Implications and Consequences? Read More »
What is Operation Hidden Treasure? In early March 2021, the IRS has issued directives to address taxable transactions, sales, and exchanges regarding virtual currency in the upcoming tax years in an attempt to get ahead of individuals and businesses utilizing cryptocurrencies. More specifically, with this directive, the IRS is moving to identify individuals who own …
