Liz Prehn Elizabeth Prehn is a tax attorney who regularly defendants individuals and businesses in tax controversies, white collar crime and regulatory issues. Moskowitz LLP, based in San Francisco, is a tax firm with more than 30 years of experience. www
Considering donating virtual currency to charity?
A growing number of 501(c)(3) nonprofit organizations are accepting bitcoins, including well-known charities. The IRS treats virtual currency as property, causing administrative issues for tracking gains and losses when using virtual currency for donations and other purposes.
United States falls behind in virtual currency regulation
The slow response of U.S. government agencies to provide helpful virtual currency regulation is undermining use and innovation of the promising currency. The U.S. is falling behind other countries in this crucial area.
IRS bitcoin policy leaves questions unanswered
In 2014, the IRS published a notice to give some guidance on how bitcoin taxation will function. Unfortunately there were some critical gaps in that notice that need to be filled.
Navigating FinCEN regulations
The Financial Crimes Enforcement Network regulates a variety of issues related to virtual currency such as oversees transactions and financial criminal activity. Failure to turn in the right reports to FinCEN can lead to big financial losses, so exchanges must understand their legal options and obligations.
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