Crypto Tax Management Portfolio Released By Bloomberg Tax

News | February 5, 2019 By:

Tax research solution provider Bloomberg Tax has announced the availability of a new tax management portfolio, which is authored by Jim Calvin, tax partner at Deloitte Tax.

Bloomberg Tax provides comprehensive global research, news and technology services enabling tax and accounting professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence.

Called Taxation of Cryptocurrencies, the new tax management portfolio aims to give tax practitioners a firm understanding of the federal income tax treatment of bitcoin and the unique and challenging tax aspects of cryptocurrency.

“Bitcoin is an ingenious financial asset and is on its way to being adopted by Wall Street,” said Calvin. “Long, short, leveraged, future, forward, and swap positions can all be taken in bitcoin. Liquidity and product scope will continue to attract dealers and banks, exchanges, investment managers, and traders. This Portfolio is the result of our years advising these types of businesses on bitcoin’s new, novel, and unique tax issues.”

According to Bloomberg tax, with the exception of a 2014 Internal Revenue Service notice, the federal government has been largely silent on the tax treatment of cryptocurrencies. The new tax management portfolio reportedly fills that information by helping crypto investors, traders, dealers, merchants and miners, and advisors understand how to classify bitcoin and other cryptocurrencies for federal tax purposes. It also lays out issues tax practitioners should be aware of when advising their clients about crypto matters.

“The tax consequences of trading and investing in bitcoin are complex and advisors are increasingly fielding questions about federal tax treatment of cryptocurrencies,” said George Farrah, Editorial Director of Bloomberg Tax. “We’re grateful for the contribution of Jim Calvin, an esteemed practitioner whose practical expertise in this emerging area allowed him to create this Portfolio offering the most comprehensive analysis and practical guidance available today.”