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dustin wells
dustin wells

Mining Virtual Currency: What Are the Tax Implications and Consequences?

Tax

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 …

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Author: Dustin Wells

Dustin is an Enrolled Agent with the Strothman and Company Tax team and has been with the Firm since 2019. He has nine years of experience working for the Internal Revenue Service before transitioning his career into public accounting. Utilizing his IRS experience he specializes in assisting clients with tax representation at the federal, state, and local levels in addition to his tax preparation and planning work.
Dustin Wells
Dustin Wells

Operation Hidden Treasure

Tax

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 …

Operation Hidden Treasure Read More »

Author: Dustin Wells

Dustin is an Enrolled Agent with the Strothman and Company Tax team and has been with the Firm since 2019. He has nine years of experience working for the Internal Revenue Service before transitioning his career into public accounting. Utilizing his IRS experience he specializes in assisting clients with tax representation at the federal, state, and local levels in addition to his tax preparation and planning work.
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