Digital currencies

As 2019 rapidly wraps up and 2020 looms on the horizon, it seems an appropriate time to take a step back and reflect on the numerous changes and shifts that have occurred in the blockchain and cryptoasset spaces.

What the flurry of updates in Facebook's cryptocurrency means for accounting professionals.

Newly appointed officials in the SB/SE Division plan to make changes in the IRS’s strategy for dealing with collections and enforcement.

The IRS considers Bitcoin and other virtual currency to be property and not fiat currency.

Bitcoin owners are being advised to pay back taxes on any income they failed to report.

PricewaterhouseCoopers LLP has added cryptocurrency auditing to its list of services as the firm expands into an asset class that is steadily adopting the accoutrements of traditional finance.

While Libra isn’t accounting focused, accountants and other practitioners should be able to communicate to clients what these changes mean

The company's Balance product is for accountants and tax preparers with clients significantly invested in crypto.

The meteoric rise of cryptocurrencies brings many legal and regulatory repercussions that are still unfolding.

Accounting professionals need to keep developing and maintaining robust internal controls around cryptoassets.

Blockchain and cryptocurrencies are going to play a major role in the economy and the accounting profession.

The Buckeye State will be the first to allow companies to use Bitcoin to pay their taxes.

The cryptocurrency is pegged to a fiat currency like the U.S. dollar or to assets like gold.

Dozens of hedge funds investing billions of dollars in cryptocurrencies don’t know if they’re calculating their taxes correctly, which may be a problem now that U.S. authorities have said they’re going to be scrutinizing virtual currencies.

The American Institute of CPAs wants additional guidance about Bitcoin taxes.

There are many novel and unresolved accounting and tax issues in initial coin offerings that haven't received much attention.

Initial coin offerings have raised billions of dollars for startups while attracting criminals and authorities around the globe. Now, the young market may get some help cleaning up from the Big Four consulting firms.

Simplicity of tax penalties; refund request after five years; amnesty national; and other highlights from our favorite tax bloggers.

Virtual currency owners experiencing the thrill of record high values should take note that the IRS is stepping up enforcement.

Coinbase Inc. customers who haven’t reported their cryptocurrency gains to the Internal Revenue Service, beware.