Should Crypto Currency Fall Under Securities Laws?

Gary Gensler, SEC Chair is proposing that those managing crypto entities register under the current securities laws. He points to the fact that,  “Investor protection is just as relevant, regardless of underlying technologies,’ and that the purpose of the securities laws enacted by Congress was to oversee investments in any form. Read More here: SEC chair seeks increased regulation of cryptoassets, in the Journal of Accountancy.

Paying Taxes on Crypto Currency?

Do you owe taxes on crypto currency?  Chances are you’re safe if you have no idea what that is, although some parents were unaware that their high-school and college aged children were trading in Bitcoin.  The IRS is currently cracking down on tax evaders with digital holdings through two versions of a warning letter. The first implying the tax payer may have no knowledge of these accounts, and the second enforcing a deadline for recipients to disclose all of their crypto transactions or risk legal recourse.  Accounting Today suggests the best ways to handle these tax situations based on the type of letter received in the article, Crypto tax avoiders face IRS roulette: Fess up or try to hide .