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We are committed to providing a positive work environment and career growth opportunities for our staff. Our continued investment of time and resources into our team members is indicative of our commitment to excellence. We provide our employees with on the job training, extensive continuing education opportunities, and the ability for team members to not only be involved in all services we provide, but also to specialize in areas that best fit their career goals.

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Welcome to Deluzio & Company, LLP

We are a full service accounting firm dedicated to our clients, providing quality service with a quality team to assist your company with long term growth and stability. We provide a wide array of services to help you grow and sustain your business.

Our team is built to serve you, specializing in a multitude of areas permitting us to better serve our clients.

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Cryptocurrency - Virtual or Real?


Cryptocurrency - Virtual or Real? The “Important Tax Information” Not Received in the Mail

~ Author - Janice Hogan, Staff Accountant II, Deluzio & Company, LLP ~

Cryptocurrency is defined as a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

The debate over Cryptocurrency, also known as virtual currency, began for the purpose of determining if it is ‘virtual’ or ‘real’ currency. As virtual currencies become more widely used, the IRS is issuing more guidance on how to treat transactions involving its use for federal tax purposes. The IRS defines virtual currency as “a digital representation of value, other than a representation of the U.S. dollar or a foreign currency (“real currency”), that functions as a unit of account, a store of value, and a medium of exchange.” The IRS further recognizes that virtual currencies are being exchanged and used in transactions which are equivalent in real currency or acting as a substitute for real currency. Depending on how the virtual currency is used, the transaction may result in a tax liability, or a tax deduction.

Virtual currency transactions can have a variety of tax treatments which may involve property, capital gain or loss, or ordinary income, depending on the nature of the transaction. There are additional considerations of determining value or basis, such as using USD fair market value, or calculating cost basis.

Are you using or considering using virtual currency as an investment, or as currency in the exchange of goods and services?

If you have questions regarding the tax implications of using Cryptocurrency, contact our office for further guidance.