Firm Insights
On this day in 2010, the first reported purchase of a consumer product using Bitcoin took place. Organized on Bitcointalk forum, Laszlo Hanyecz, a programmer from Florida, traded a British man 10,000 bitcoins for two Papa John’s pizzas. The market value of the Papa John’s pizza at the time was $25. At 2010’s value, those…
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This article was originally published in the St. Louis Lawyer published by The Bar Association of Metropolitan St. Louis (BAMSL). A common misconception about digital assets is that they exist in a lawless virtual Wild West. While there are not any federal regulations specifically drafted for digital assets, our existing laws were intended to be…
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For years, taxpayers who engage in virtual currency transactions, and the lawyers and accountants who advise them, have been virtually begging the IRS for some help in terms of dealing with some of the issues that come into play when reporting those transactions for tax purposes. Other than a Notice issued in April 2014 (Notice…
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