Should Your Cannabis or Bitcoin Client Consider Taking the Fifth?
- Excellent presentation last year discussing California’s Cannabis Industry. We will not duplicate.
- Goldman Sachs is considering a trading desk specifically for bitcoin. WSJ 10/2/17
- Over 100,000 merchants accept bitcoin payments. CryptoCoinsNews
- Merchants include Overstock.com, Home Depot, DirectTV, Dell, Microsoft, Amazon and Expedia. Time.com
- Brief discussion of virtual currency
- What is “virtual currency”
- IRS Guidance
- Notice 2014-21
- Civil Exam Considerations
- LB&I “John Doe” Summons
- Case Studies
- Cryptocurrency is any of the many digital currencies exchanged by means of encrypted software and held in digital wallets.
- Several hundred cryptocurrencies exist, with bitcoin the best known.
- People who hold cryptocurrency that’s part of the same network can trade coins or make purchases where the currency is accepted.
- Unlike fiat currency - like U.S. dollars, euros and yen – cryptocurrency is not regulated or controlled by any government agency.