Feigenbaum Law

cryptocurrency

Cryptocurrency

Bitcoin

Canada Revenue Agency Auditing Cryptocurrency Investors

Last year, we wrote about how Bitcoin and other cryptocurrency is treated by the Canada Revenue Agency (CRA) for tax purposes and what impact an investment in crypto might have on a Canadian taxpayer’s taxes.   Now, crypto and the CRA are back in the news as the agency continues to finesse its approach to digital currency and adapt to rapidly changing realities. According to a cryptocurrency journalist writing for Forbes magazine,… Read More

Cryptocurrency

Bitcoin

IRS Advisory Committee Calls for More Guidance on Cryptocurrency Transactions

The Internal Revenue Service has published a new report in which the Information Reporting Program Advisory Committee (IRPAC) emphasized the rise in popularity of Bitcoin and other cryptocurrencies and noted that there has been a concurrent rise in questions about the tax consequences around transactions involving these virtual currencies. What is IRPAC? IRPAC is a federal advisory committee under the broader umbrella of the IRS. It’s mission is to “provide an organized… Read More

Bitcoin

Bitcoin

Bitcoin and Income Tax: Canada

Bitcoin, the digital currency first launched in 2009, continues to make the news after its recent explosion in value. After starting last year at below $1,000, Bitcoin reached a value of almost $20,000 in December 2017, and was worth approximately $300 billion in real money. While prices have cooled in the weeks since Bitcoin hit its peak, certain experts predict that the cryptocurrency will continue to grow in popularity. Some have said that Bitcoin… Read More