Virtual Currency

Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. Sometimes it operates like real currency but it does not have legal tender status in any jurisdiction.

Cryptocurrency is a type of virtual currency that utilizes cryptography to validate and secure transactions that are digitally recorded on a distributed ledger, like a blockchain.

Transactions are taxable by law just like transactions in any other property and taxpayers may have to report those transactions on their tax returns.

Bitcoin is a convertible virtual currency that can be digitally traded between users and purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies.

FSA Elections for 2021

A Health Care Flexible Spending Account (FSA) allows you to set aside tax-free dollars each year for health care expenses not covered by insurance. You may use these funds to pay for eligible health care expenses incurred by you, your spouse and your qualified dependents.
  • Pre-tax contributions reduce your taxable income.
  • Pay for out-of-pocket eligible health care expenses with tax-free money.
  • Your total annual Health Care FSA contribution amount is available immediately at the start of the plan year .
  • You can carry over up to $550 remaining in your account from one plan year to the next.