» Cryptocurrency

Bitcoin Users Beware: IRS John Doe Summons Finds Partial Support at Court

January 23rd, 2018

Posted By

Joseph R. Viola

Virtual currencies like Bitcoin have been on the rise in recent years. 2017 saw the cryptocurrency market soar to $650 billion, with some investments more than doubling in value within the year. The skyrocketing value of these assets have caught the… Read More

Categories: Cryptocurrency

Tax FAQ & Info

Is there a "hardship distribution" exception I can use to avoid federal tax on an emergency distribution from my IRA to meet unexpected expenses?

The rules for IRAs are much different from those governing 401(k)s, which causes a lot of confusion. In general, there are no restrictions on IRA distributions but your IRA distribution will be treated as taxable income earned in the year of the distribution and must be reported as such. The financial institution holding the IRA will also report your distribution to the IRS. There is an additio…

» Cryptocurrency

Bitcoin Users Beware: IRS John Doe Summons Finds Partial Support at Court

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