Tag: irs

Apr 02 2021

IRS Summons Of Circle And Poloniex User Data Authorized

Apr 02 2021 Published at Bitcoin Magazine under tags  business circle exchanges irs poloniex

An IRS summons compelling Circle to provide data on customers who made significant cryptocurrency transactions has been authorized.According to an April 1, 2021, release from the U.S. Department of Justice, a federal court in Manhattan has entered an order authorizing the IRS to...

Mar 09 2021

IRS Launches “Operation Hidden Treasure ” to Curb Unreported Crypto Earnings

The US Internal Revenue Service (IRS) is reportedly launching an investigation into unreported crypto earnings to put a curb on crypto fraud. The investigation is reportedly called "Operation Hiden Treasure" and it would be focused on everyone who has ever dealt in cryptocurrencies, cashed out, and didn't pay a tax on their gains. Operation Hidden The post IRS Launches "Operation Hidden Treasure "...

Mar 08 2021

New IRS Operation Threatens Crypto Tax Dodgers With Jail

Mar 08 2021 Published at Crypto Briefing under tags  civil criminal education evasion irs

A newly launched IRS initiative called Operation Hidden Treasure was announced on Friday as part of a crackdown on widespread crypto tax evasion. IRS Searching For Telltale Signs of Tax Evasion Operation Hidden Treasure was...

IRS Launches Dedicated Program to Identify Crypto Tax Evaders

The program was launched as a joint effort between IRS’s civil and criminal units.

Mar 05 2021

The IRS Clarifies Its Position on Crypto Purchases

Mar 05 2021 Published at Unchained Podcast under tags  bitcoin blockchain btc coinbase crypto

PLUS: NFTs are going mainstream This week saw Bitcoin and Ethereum stay relatively flat, hovering around $49,000 and $1,500, respectively. While the two most prominent cryptocurrencies languished, the rest of the market had a vibrant seven days. Non-fungible tokens continue to push the boundaries of digital ownership and artistic control. Kings of...

Mar 03 2021

You Don’t Need to Report Bitcoin With Dollars, Says IRS

Mar 03 2021 Published at Crypto Briefing under tags  analysis irs taxes us regulation

New instructions from The Internal Revenue Service (IRS) say taxpayers do not need to report their crypto purchases made with the dollar. IRS Eases Investors' Tax Load The IRS has provided more clarity when answering the mandatory "Yes/No" question about "virtual currency" transactions on the personal...

Feb 09 2021

How a Lawsuit Against the IRS Is Trying to Expand Privacy for Crypto Users

Feb 09 2021 Published at CoinDesk under tags  exchanges irs policy & regulation privacy

Harper’s case may have widespread implications for privacy laws regarding cryptocurrency users if he wins.

Feb 02 2021

Everything You Need to Know About Your 2020 Crypto Taxes

In this episode, Shehan Chandrasekara, head of strategy at CoinTracker, and Dan Hannum COO at Zen Ledger, take a deep dive into the world of crypto taxes. Over an hour and fifteen minutes they tackle a bevy of topics ranging from why the IRS is asking about your crypto history to explaining the proper way of reporting yield farming income. Shehan and Dan...

Jan 27 2021

Bitcoin ‘Underperforms’ During Tax Time: Analysis

Bitcoin's price is going down for many reasons including traders who realized gains last year selling to pay their tax bills.

Does the IRS Have Your Coinbase Data?

Jan 27 2021 Published at Crypto Briefing under tags  coinbase education irs taxes

Crypto investors are often unclear about their duties when it comes to filing taxes. The following guide examines the rules that Coinbase users should be aware of when it comes to tax season. What Information Did Coinbase Collect? Though all crypto investors must report their capital gains, Coinbase has become well-known for working...

Jan 09 2021

8 Ways to Reduce Your 2020 Crypto Tax Bill

Jan 09 2021 Published at Crypto Briefing under tags  education investing irs taxes trading

A new year means preparing to pay taxes, which affects every single crypto enthusiast. But getting it right and keeping the IRS off your back is no easy task. Crypto taxes can encompass capital gains tax and income tax. The fee differs depending on the user's activity (roughly, capital gains tax applies to trading and investing, whereas income tax is charged for mining...

Jan 07 2021

PayPal, Coinbase, and Winklevoss Twins Invest in Crypto Tax Startup

Jan 07 2021 Published at Crypto Briefing under tags  business investment irs taxes

With tax day fast-approaching, PayPal, Coinbase, and Winklevoss Capital are backing the crypto-specific tax service, TaxBit. TaxBit Lands Investment Ahead of Tax Season TaxBit, a tax...

Jan 04 2021

The Tax Man is Coming for Bitcoin: IRS “Enforcement” Impending in 2021

Crypto holders are believed to be a major driving force behind a widening "tax gap" in the United States.

Dec 08 2020

Ron Paul Supports Bitcoin, Bashes IRS

Former US Presidential candidate showed interest in Bitcoin and asked Government to legalize cryptocurrencies without taxes.

Dec 05 2020

Outdated Tax Form Costs Crypto Traders Thousands

Dec 05 2020 Published at Crypto Briefing under tags  audit education irs taxes

American crypto traders have recently reported receiving tax audit notices from the Internal Revenue Service (IRS). The notices, called...

Nov 24 2020

Coinbase Ditches US Customer Tax Form That Set Off False Alarms at IRS

Nov 24 2020 Published at CoinDesk under tags  coinbase cryptocurrency taxes irs news

Instead of the troublesome 1099-K form, Coinbase will send the 1099-MISC to users of its interest-bearing products. Regular traders may not receive any forms at all.

IRS Sends Warning Notices to Crypto Investors

The agency is sending notices to the US investors for under-reporting crypto gains.

IRS Again Warns Crypto Investors They Under-Reported Gains

Nov 24 2020 Published at CoinDesk under tags  irs news policy & regulation taxes

For the second year in a row, the IRS is telling crypto investors they under- reported crypto gains. But there may false alarms again.

Oct 23 2020

Here’s How Bitcoin Gets to $50,000

Plus: the crypto companies turning away business What may prove to be the crypto news of the year broke this week, with the long-rumored announcement by PayPal that support for buying, selling, hodling, and purchasing will soon make its way to the company's customers. Filecoin continues forward with its long-awaited mainnet as several of its top miners object to the...

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