About two weeks ago, the American Institute of Certified Public Accountants – “the world’s largest member association representing the accounting profession,” – sent a letter to the Internal Revenue Service, along with a document entitled “Request for Guidance Regarding Virtual Currency”. As discussed below, in…
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On this day in 2010, the first reported purchase of a consumer product using Bitcoin took place. Organized on Bitcointalk forum, Laszlo Hanyecz, a programmer from Florida, traded a British man 10,000 bitcoins for two Papa John’s pizzas. The market value of the Papa…
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A common misconception about digital assets is that they exist in a lawless virtual Wild West. While there are not any federal regulations specifically drafted for digital assets, our existing laws were intended to be broad enough to encompass new financial instruments, and a…
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For years, taxpayers who engage in virtual currency transactions, and the lawyers and accountants who advise them, have been virtually begging the IRS for some help in terms of dealing with some of the issues that come into play when reporting those transactions for…
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Part Three of Three: In the prior blog posts in this series, I described generally how an Initial Coin Offering (ICO) operates and discussed how the Securities and Exchange Commission views the coins or tokens generated from an ICO. In this post, I explore…
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Part Two of Three: In my prior blog post in this series, I described generally how an Initial Coin Offering (ICO) operates. In this post, I discuss how the coins or tokens generated from an ICO are viewed by the Securities and Exchange Commission. PART…
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This is the first of a three-part blog series. In this post, I will describe generally how an Initial Coin Offering (ICO) operates. Stay tuned for discussions in my second and third posts on how the Securities and Exchange Commission and the Internal Revenue Service…
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