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By: Randall P. Andreozzi, Esq. While we anxiously await Treasury Department guidance on cryptocurrency (See, TIGTA Report of September 24, 2020, “The Internal Revenue Service Can Improve Taxpayer Compliance for Virtual Currency Transactions”), events, good and bad, continue to arise that create tax planning and management opportunities for investors. Take, for example, Bitcoin’s recent dive from its high of some
By: Michael J. Tedesco With the rapid rise of virtual currency, the IRS and Financial Crimes Enforcement Network (FinCEN) were required to make quick decisions on interpretations of how these virtual currencies should be treated. FinCEN, the agency under the U.S. Treasury Department tasked with administering the Foreign Bank Account Reporting (“FBAR”) requirements, has previously indicated that virtual currencies are