Archives: Virtual Currency

Bitcoin and the Like: Further Tax Developments to Monitor

By Ashley Thompson on May 13, 2015 Posted in Digital Assets, Virtual Currency

Virtual currency developments continue to emerge, including state tax guidance, a court decision on deductibility of losses, and the Uniform Fiduciary Access to Digital Assets Act (the “Act”). State Tax Guidance The New Jersey Division of Taxation released Technical Advice Memorandum 2015-1 (the “NJ TAM”). The NJ TAM explains New Jersey’s treatment of virtual currency; … Continue Reading

Bitcoin and the Like: Tax Considerations

By Ashley Thompson on April 1, 2015 Posted in Tax, Virtual Currency

Virtual currency is a new, untested, and unregulated asset. The Internal Revenue Service (IRS) defines “virtual currency” as a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. “Convertible virtual currency” is virtual currency that has an equivalent value in real currency, or acts … Continue Reading