IRS Turns Up the Heat on Bitcoin and Digital Currency Users

The IRS has taken a major step in the fight to obtain data on Bitcoin and other digital currency transactions.  A federal court has authorized the IRS to serve a John Doe Summons on Coinbase, Inc., a digital currency transaction company. The IRS wants information on the site’s users and their transactions. Some Coinbase users, led […]

Operating Losses: Prove Your Hobby Is a Business

Be ready to prove that your hobby is a business if you want to write off your losses. If you intend to earn a profit from engaging in your favorite hobby — a hobby business — you may be able to deduct your hobby-related expenses or losses from your income and lower your tax bill. […]