Feigenbaum Law

virtual currency

Cryptocurrency

Bitcoin

Largest U.S. Bitcoin Exchange Ordered to Share Client Information with the IRS

In a recent decision,  a California court ordered the largest bitcoin exchange in the U.S. to hand certain customer information over to the IRS to facilitate the IRS’ investigation into underreporting of virtual income gains. What Happened? Coinbase is a San Francisco based exchange dealing in cryptocurrency. Between 2013 and 2015, Coinbase maintained more than 4.9 million bitcoin wallets in 190 countries, serving 3.2 million customers and exchanging $2.5 billion. Believing that… 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