While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act of 2022, allocated $80 billion to the IRS, most of it designated for enforcement activities. However, the Fiscal Responsibility Act, enacted in May 2023, will claw back $21.39 billion of that amount by the end… Read more ›
Mikki Obreja, senior tax manager at CBM, has been quoted in a white paper by CrossTower, a cryptocurrency exchange entitled “Cryptocurrency Donations”. Mikki addresses the impact on a donor’s long-term capital gains rate after the sale of bitcoin based on the donor’s taxable income and filing status. Click here to read the white paper. Councilor, Buchanan & Mitchell (CBM) is a professional services firm delivering tax, accounting and business advisory expertise throughout the Mid-Atlantic region from offices in Bethesda, MD and Washington, DC.