Hi /r/Bitcoin! Thank you for reading this.
I felt the world of digital currencies is a bit too uncertain, so I want to do what I can to create more confidence and certainty! Please let me know if you have any questions or comments (I'll probably respond to every comment here!)
Some "fun" facts you may not know about digital currency taxes
Here's two quick "fun" facts you may not know. We will be posting in-depth articles on these, too. Consider subscribing to our newsletter to hear first when they've been published!
Non-deductible personal loss: You should never exchange your digital currency directly for ANY goods or services. If you happen to have a loss on that trade, it will be non-deductable as capital gains losses ONLY apply to "investment" not "personal use" activity. You can read more about this on Forbes, Time and the IRS website.
FBAR requirements: This isn't explicitly tax related, actually, but a LOT of my US friends do not know about this important filing. If you ever on a single day, even, held $ 10,000 USD worth of value overseas (Binance, for example), you must meet your FBAR online filing requirements. The penalties can be severe for failure to disclose. The deadline is April 15, but it will be extended to October 15 if you fail to file on time. You can read more about this on official government sites General FBAR information, FBAR FAQS (not super helpful IMO) and the online form itself.
Cointaxes was formed and funded with the mission to establish confidence and certainty around cryptocurrency.
We see global adoption of digital currencies as an inevitability. The uncertainty lies in how effectively and smoothly this once-in-a-lifetime shift occurs. As a tax preparation service, we have a special seat in the cryptocurrency ecosystem directly related to this uncertainty: it is our job to help both citizens and governments around the world understand how to use and treat digital currencies.
We will regularly invite regulators, lawyers and tax experts to private discussions and public webinars to ensure you will have a firm understanding with each regulatory shift as the world adopts cryptocurrencies.
We will conduct proprietary research and publish Cointaxes Guides to answer questions you may have about using your digital currency.
We will provide high quality cryptocurrency tax preparation software for individuals and tax professionals.
If our mission excites you
Please know that we are hiring. Contact firstname.lastname@example.org with a resume and cover letter.
If you're are regulator or a crypto-experienced legal or tax professional, please contact email@example.com with some background information and reason for connecting.
Important Disclaimers: This is NOT tax advice and should NOT be relied upon for making any tax decisions. We always recommend speaking to a tax professional before making decisions related to your taxes and our guides are not a substitute for tax advice. While I have assembled and provided this information to the best of its knowledge, I make no representations or warranties as to the accuracy or timeliness of the information contained herein. You can read the full disclaimers here.
Hi r/bitcoin, it’s almost tax time! Are you prepared?
We are three Certified Public Accountants ready to answer your tax-related cryptocurrency questions. Ask Us Anything…
About us: We are Dennis, Josh, and David from Perelson Weiner LLP, a boutique accounting firm located in New York City. Our firm is dedicated to helping high-net worth individuals, their families and their businesses, both domestic and foreign. Perelson Weiner has been named by INSIDE Public Accounting, for the third year in a row, one of the Fifty Best of the Best of firms in the United States. For more information, please visit www.pwcpa.com.
The scope of this AMA: 2017 was an incredible year for cryptocurrency traders. We are here to educate you about US TAXATION of cryptocurrency and discuss ideas to help you keep more of your money in your pocket.
Please try to ask your questions in a more general way, if possible. For example, “What is the difference between a short-term capital gain and a long-term capital gain and how is each taxed?” as opposed to asking “I have this coin which I bought for $ X on this date and I sold it at this price on this date. How much tax do I owe?”
Disclaimer: Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Perelson Weiner LLP would be pleased to perform the requisite research and provide you with a detailed written analysis. The terms will be the subject of a formal engagement letter that defines the scope of the desired consultation services. Please send your follow up requests to firstname.lastname@example.org.
Topics we can discuss: -Tax treatment of transactions -Tax treatment of forks -Determining and tracking your basis -Mining and related expenses -Foreign asset reporting
As a bona fide cryptocurrency skeptic, I'm of two minds on Bitcoin and other cryptos. One, I don't think we know enough about them to invest in them as …
Google Alert – bitcoin
Bitcoin is becoming a fucking joke. The debate has been going for years now. How ridiculous is it?
Everyday we see a new actor coming in trying to control Bitcoin. The latest (old news) newcomer being Craig Wright.
Even if he is Satoshi, his creation is now public domain. He can patent his way into patent trolling as much as he wants, that won't change anything to the fact that he has now lost control of his creation. It's now public domain and community driven. I personally don't give a fuck about him and I think many share my opinion.
Which brings me to to a point that I have been hammering for the last couple of months: IT'S TIME TO CHANGE THE PoW!
I'm so tired of reading and hearing about all this drama. Why can't people see that there is no compromise possible with these people?
Wake up for fuck's sake.
Appeasement doesn't work, it's the same thing as when dealing with terrorists.
And the people trying to control Bitcoin right now, are economic terrorists.
Bitcoin needs to evolve out of centralization. This is the only thing that we should be discussing. Anything else is appeasement.
I don't give a fuck about the millions that they have invested into their stupid proprietary hardware. I see threads about people wanting to start mining and people pointing them to Bitmain. How stupid and naive are we?!?! It's reaching comedic level of absurdity.
Will we give up so easily as a community? Will we allow them to centralize Bitcoin and let the original vision die so easily?
If you think that UASF will save Bitcoin, you are delusional and you are very naive. We are dealing with sharks that will crash the entire ecosystem if they want to. They won't go down alone, that is if we allow them.
It's time to pay very close attention to the man behind the curtain.
The ASIC mining controversy – Why don't we revert to GPU mining? Why do we allow China to corner the Bitcoin mining market with proprietary hardware?
The Bitcoin Stockholm Syndrome AKA Jihan Wu, Bitmain and ASIC. A change of PoW is the only definitive long term solution.
The Nuclear Option. What would happen if Chinese miners decided tomorrow to stop processing Bitcoin to protest against UASF?
UASF is not the solution.