• Sun, 17 Feb 2019, 04:13 PM
  • All times are UTC
  • Edition:
Link copied

Bloomberg Tax seeks to clarify federal income tax treatment of cryptocurrencies

Mon, 04 Feb 2019, 11:02 am UTC

Bloomberg Tax, a comprehensive tax research solution, has announced that a new Tax Management Portfolio, entitled “Taxation of Cryptocurrencies,” is now available.

Authored by Jim Calvin, tax partner, Deloitte Tax LLP, the treatise aims to offer clarity to tax practitioners about the federal income tax treatment of bitcoin and the unique and challenging tax aspects of cryptocurrency.

"Bitcoin is an ingenious financial asset and is on its way to being adopted by Wall Street. Long, short, leveraged, future, forward, and swap positions can all be taken in bitcoin," said Calvin. "Liquidity and product scope will continue to attract dealers and banks, exchanges, investment managers, and traders. This Portfolio is the result of our years advising these types of businesses on Bitcoin's new, novel, and unique tax issues."

Bloomberg Tax noted that except for the 2014 Internal Revenue Service notice, the U.S. government has been largely silent on the tax treatment of cryptocurrencies. The portfolio addresses this issue by helping various crypto market participants understand how to classify bitcoin and other virtual currencies for federal tax purposes.

It contains a number of chapters, starting from an introduction to bitcoin to the U.S. federal income tax classification of bitcoin, to the consequences of trading and investing in bitcoin, to information reporting that may apply to cryptocurrencies and more.

"The tax consequences of trading and investing in bitcoin are complex and advisors are increasingly fielding questions about federal tax treatment of cryptocurrencies," said George Farrah, Editorial Director, Bloomberg Tax. "We're grateful for the contribution of Jim Calvin, an esteemed practitioner whose practical expertise in this emerging area allowed him to create this Portfolio offering the most comprehensive analysis and practical guidance available today."

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $3,630.48 (-0.17%)
  • Ethereum (ETH) $126.45 (+2.35%)
  • XRP (XRP) $0.300700 (-0.53%)
  • Litecoin (LTC) $43.05 (-1.87%)
  • EOS (EOS) $2.81 (-1.04%)
  • Bitcoin (BTC) $3,630.48 (-0.17%)
Feb 15, 2019 (Friday)
Dutch firm ElaadNL taps IOTA technology for autonomous smart grid PoC
Rabobank pumps ‎€80M into venture fund to drive fintech and agtech investments
Enterprise Ethereum Alliance to launch token task force in 2019
BitTorrent unveils new payment card for BTT tokens
Luxembourg lawmakers pass blockchain bill into law
Canadian crypto exchange Coinsquare acquires StellarX
JP Morgan reveals key details of Quorum Blockchain-based JPM Coin
Samsung SDS develops blockchain accelerator technology to enhance transaction processing speed
Feb 14, 2019 (Thursday)
JP Morgan to trial own cryptocurrency ‘JPM Coin’ for instant client payments: Report
Intel announces new product to accelerate blockchain deployment
Huobi Wallet adds support for Japanese and Korean languages
US CFTC includes cryptocurrencies in 2019 examination priorities
Nasdaq to launch Brave New Coin Bitcoin and Ethereum indices on February 25
Italian interbank blockchain project enters pre-production phase
Enterprise Ethereum Alliance opens regional office in China
UC Berkeley launches blockchain accelerator for early stage startups
Former JPMorgan Chase executive joins blockchain startup Vakt as CEO
Feb 13, 2019 (Wednesday)
New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud
Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform
Gibraltar Blockchain Exchange lists ICNQ token on GBX-DAX
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.