How Digital Currencies Are Changing the World – Bitcoin Lawyer The use of cryptocurrencies, and in particular, the technology which was created to implement them, has grown substantially in recent years. There has been a growing trend of acceptance of cryptocurrencies as a useful, legitimate payment mechanism, and the underlying decentralized public ledger technology has…
Overview – Cryptocurrency and United States Tax Law – North Carolina Bitcoin Lawyer In a March 25, 2014 notice, the United States Internal Revenue Services (“I.R.S.) described virtual currencies as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value and does not have…
Frequently Asked Questions – North Carolina Bitcoin Lawyer Q: How is cryptocurrency treated by the Internal Revenue Service? A: Cryptocurrencies are currently considered property but the Internal Revenue Service. As such, general accounting and tax principles apply to cryptocurrency mining and transactions. The Interal Revenue Service’s definition of virtual currencies as property means that each…
