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IRS Guidance Says Bitcoin and Other Virtual Currency Must be Reported on Federal Income Tax Forms

Tax filing season is once again upon United States taxpayers. Each year, American citizens and green card holders must report any income they earned in the U.S. and abroad to the Internal Revenue Service. Beginning in 2014, American taxpayers are required to include income earned by way of Bitcoin and other virtual currencies on their federal income taxes. Bitcoin is a digital or virtual form of currency that is stored on your computer and does not rely on a central bank.

 

According to IRS guidance, convertible virtual currencies should be treated as a capital asset for... Read More

OVDP and Expanded Streamlined Filing Procedures

First in 2009, and again in 2011 and  2012, the IRS initiated the Offshore Voluntary Disclosure Program (OVDP), which is designed to encourage taxpayers with undisclosed foreign accounts to disclose all offshore accounts, bring themselves into full compliance with federal tax law, and reduce their exposure to criminal penalties that could flow from willful violation of the law. The most recent version of this program is an extension of the 2012 initiative. Referred to by the shorthand “2014 OVDP,” it makes significant alterations to the 2012 program, including increasing the miscellaneous... Read More

Now is the Time for California Residents With Foreign Assets to Take Advantage of the IRS’s OVDP

Most nations do not require their citizens to pay income taxes on money earned in another country. The United States, however, is different. Americans who fail to pay the applicable taxes on assets stored in an offshore bank account can face serious financial penalties. Currently, the Internal Revenue Service’s Offshore Voluntary Disclosure Program (OVDP) levies a 27.5 percent penalty for willful noncompliance with the nation’s tax laws. As part of recent changes to the OVDP, U.S. citizens who... Read More