IRS Notice 2014-21 is the only guidance to date that the IRS has provided regarding cryptocurrency and leaves many users confused with knowing when taxes may be owed on their gains, mining income, or even payment as wages. While the notice serves as their position on cryptocurrencies, it doesn’t contain instruction on how to handle complicated transactions of cryptocurrencies, such as bitcoin forks.
Pythagus created a niche in cryptocurrencies, such as Bitcoin, to help investors and business owners with accounting, reporting, and IRS compliance. We have direct experience with cryptocurrency, own coins in multiple wallets and exchanges and accept payments in cryptocurrency. Working with leading advisors in cryptocurrency and block chain technologies, we are able to assist with any situation – from acquisition to disposal and sort out any tax issues in between.
If you are new to cryptocurrencies, need help implementing or managing cryptocurrency, or have IRS reporting issues, please contact us to discuss how we can help.