Cryptocurrency and Blockchain Technology
The Internal Revenue Code (IRS Notice 2014-21), defines cryptocurrencies as property similar to stocks and bonds. Virtual currencies require more complicated tax reporting than other types of investments. Trading, mining, and accepting cryptocurrencies are required to be included in your tax return. Some of these may also be considered foreign financial accounts.
At Chan CPA & Company, Inc, we provide tax planning, tax preparation, and accounting. We understand, and have experience in, the complex and private nature of cryptocurrencies. We are equipped to calculate your cryptocurrency ordinary income or capital gains and losses, locate any potential deductions, as well as set up and manage your accounts.