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Abney and Associates Tech Research: Bitcoin Regulation Roundup

Abney and Associates Tech Research: Bitcoin Regulation Roundup | Abney, Ramsay & Associates, Inc | Scoop.it

Jason Tyra examines the most significant bitcoin news from the world’s regulators and law courts.

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Rumours, Court Cases and Taxing Times

 

Regulatory attitudes towards crypto currencies around the world are shifting. Hardly a day goes by without a central bank issuing a warning on the digital currency. However, it’s not all bad news – as some authorities are taking a much more positive approach.

 

In CoinDesk’s regulation roundup, Certified Public Accountant and ACFE Certified Fraud Examiner Jason Tyra examines the most significant digital currency news from the world’s regulators and law courts over the past two weeks.

 

USA: Bitcoin is property, says IRS

 

The US Internal Revenue Service issued a notice in late March that classified bitcoin as property for purposes of taxation, clarified that mined bitcoins are taxable at the time they are received, and specified that bitcoins received in connection with a trade or business or as wages are subject to withholding and/or payment of Medicare or social security taxes.

 

The reaction among US bitcoiners was mixed. Treatment as a capital asset grants access to preferential capital gains rates for bitcoins held longer than a year and a day, but imposes the burden of tracking basis and gain for every bitcoin received or spent.

 

This is good news for US taxpayers using bitcoin as a store of wealth, but terrible news for those who might use it as a means of exchange.

 

The subtleties and implications of the IRS notification are likely to fuel debate among US bitcoin enthusiasts for months to come: for example, the IRS did not specify whether taxpayers exchanging bitcoins for other crypto-currencies would be entitled to defer taxable gain under like-kind exchange rules.

 

Rejection of non-functional (otherwise known as ‘foreign’) currency treatment by the IRS has also created uncertainty as to the implications, if any, for FinCEN’s designation of bitcoin as a monetary instrument.

 

more related content:
http://answers.microsoft.com/en-us/windows/forum/windows_other-security/abney-associates-hong-kong-cybercrime-reports-what/d9bd3f0d-1fa1-4696-b1a5-cc35b5679632
http://uk.linkedin.com/pub/abney-associates/54/6a4/465

 

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Abney, Ramsay & Associates, Inc ARAA Group Inc Our Solutions

Abney, Ramsay & Associates, Inc ARAA Group Inc Our Solutions | Abney, Ramsay & Associates, Inc | Scoop.it
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Are based on our collective best practice experience supporting the Banner systems, to help with the last piece of the puzzle.

 

 "I don't have to worry.  I know that when Abney, Ramsay and Associates are here, I will get results."

 

-Vice President for Finance

 

"Our Abney, Ramsay consultants have proven to be highly knowledgeable and experienced as our procedures were translated into the Banner System.  They have provided thorough  training and guidance, critical help in the use of the system with patient, personal care."

 

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