Multi-State – INSIGHT: The Sales Tax Implications Of Accepting Virtual Currency As Payment

I. Introduction This article is part two of a three-part series. It has been several months since part one, and the worldwide obsession with Bitcoin and other virtual currencies has not slowed down. In part one, we provided a factual Continue reading Multi-State – INSIGHT: The Sales Tax Implications Of Accepting Virtual Currency As Payment

Multistate – Understanding Bitcoin And Taxes

As cryptocurrencies like Bitcoin become more mainstream, the Internal Revenue Service is paying close attention. In fact, from the close of 2018 and onward, we’re looking at monumental changes in how the IRS is considering these technologies, at least financially. Continue reading Multistate – Understanding Bitcoin And Taxes

New Jersey – Treatment Of Virtual Currency

SALT Report 3694 – The New Jersey Division of Taxation released technical advisory memorandum 2015-1 on July 28, 2015 addressing virtual currency treatment. For sales tax purposes, convertible virtual currency is treated as intangible property. As such, the purchase or Continue reading New Jersey – Treatment Of Virtual Currency

New York – The New York State Department Of Taxation And Finance Excused Bitcoin Users From Paying Sales Tax

SALT Report 3533 – In the memorandum the Department states that convertible virtual currency, such as Bitcoin, are considered intangible personal property for sales tax purposes.  Therefore purchases or use of Bitcoins are not subject to sales tax.  However, the Continue reading New York – The New York State Department Of Taxation And Finance Excused Bitcoin Users From Paying Sales Tax

California – AB 129 Brings Virtual Currency Into The Legal Fold Of California Commerce

SALT Report 3401 – Enrolled June 24, 2014, CA AB 129 removed California Corporations Code Section 107 stating that it is no longer necessary given that Section 107 was essentially dormant and could potentially limit the development of virtual currencies.  Continue reading California – AB 129 Brings Virtual Currency Into The Legal Fold Of California Commerce

California—Accepting Virtual Currency As A Payment Method

SALT Report 3385 – Debit cards, charge cards, prepaid cards, money orders, and checks have been the most common alternative payment methods to cash when purchasing goods and services.  An increasing number of businesses and consumers are now accepting and Continue reading California—Accepting Virtual Currency As A Payment Method

Multistate – Virtual Currency And Sales Tax

SALT Report 3329 – On April 8, 2014 congressman Steve Stockman introduced the “Virtual Currency Tax Reform Act”.  The IRS deemed virtual currencies (Bitcoin) as property requiring capital gains reporting.  This Act is intended to change the status of virtual Continue reading Multistate – Virtual Currency And Sales Tax