In October 2019, the IRS issued a new Revenue Ruling – 2019-24 which deals with virtual currencies/cryptocurrencies and provides much needed guidance on the treatment of specific taxable events associated with cryptocurrencies. The virtual world is similar to a web (which is where the “world wide web” derived its name from) or akin to a […]
We have all heard of Bitcoin and Ethereum – Cryptocurrencies that are also considered to be virtual currencies. So, what exactly is virtual currency? According to FinCEN – (Financial Crimes Enforcement Network), virtual currency is a “medium of exchange that operates like a currency in some environments, but does not have all the attributes of […]
