“If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York. Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500 percent to become the fifth most-valuable US company, leaving other companies and investors eager to follow in his wake. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal. At current prices, 0.8 bitcoins would be enough to buy an entry-level Tesla Model 3. The announcements, buried deep in Tesla’s 2020 annual report, drove a surge in the world’s most widely held cryptocurrency to over US$48,200.
(JACK GUEZ / AFP)īitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had bought US$1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher. If you are interested in attending, please contact Sharon Tanaka at Here for more information.A picture taken on shows a visual representation of the digital cryptocurrency Bitcoin, at the "Bitcoin Change" shop in the Israeli city of Tel Aviv. We are also pleased to announce that we will be able to offer a limited number of complimentary and reduced cost tickets for this program on a first come first serve basis. tax reporting and payment duties arising from cryptocurrency transactions. Listen as our expert panel discusses recent IRS enforcement actions focused on cryptocurrency and provides practical guidance on the U.S. The IRS requires reporting any transaction involving cryptocurrency as a sale or exchange of property, with the taxpayer bearing responsibility for calculating and maintaining basis in their virtual currency holdings. The IRS treats all virtual currency as property rather than currency for U.S. The value of Bitcoin has topped $50,000 in the past year, prompting a massive compliance initiative aimed at taxpayers holding and trading cryptocurrency. Uniquely, no bank or government authority verifies the transfer of funds. Tax advisers for clients with cryptocurrency holdings must understand the reporting requirements for exchange transactions and the IRS scrutiny cryptocurrency investors are likely to face in the future.Ĭryptocurrency is a digital currency using encryption techniques–rather than a central bank–to generate, exchange, and transfer currency units. The IRS continues to press its concern over “massive under-reporting” of income from cryptocurrency transactions. The panel will also discuss tactics in managing IRS examinations and audits. The panel will discuss the IRS position on the tax treatment of cryptocurrency, analyze IRS monitoring to increase compliance, consider criminal investigations and prosecutions for failing to report cryptocurrency transactions accurately, and define proper reporting and tax treatment for “mining” and exchanging cryptocurrency. This CLE/CPE webinar will provide tax counsel, accountants, and other advisers with a critical first look at new IRS enforcement actions on taxpayer compliance and reporting obligations for cryptocurrency transactions. We are pleased to announce that Steven Toscher, Michel Stein and Evan Davis will be speaking at the upcoming Strafford webinar, “ Cryptocurrency Tax Compliance in the Post-$50,000 Bitcoin World: Tax Filing Requirements, Managing IRS Examinations” on Thursday, April 22, 2021, 10:00 a.m. Posted by Hochman Salkin Toscher Perez P.C.
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