Tag: irs

Oct 19 2022

IRS Drafts New Crypto Reporting Rules for Tax Year 2022

Oct 19 2022 Published at Crypto Briefing under tags  crypto tax irs news tax taxes

The Internal Revenue Service (IRS) has released a draft of new instructions to U.S. taxpayers on reporting digital asset activity. IRS Releases Draft Tax Document The IRS is expanding its...

US tax watchdog classifies NFT as digital assets for tax purposes

Oct 19 2022 Published at CryptoSlate under tags  irs nft nfts taxes united states

The U.S. Internal Revenue Service (IRS) could begin to tax non-fungible tokens (NFTs) as it has classified them as digital assets alongside virtual currencies in its updated draft instructions for the 2022 tax year. According to the IRS, digital assets are "digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology. For...

Sep 24 2022

Why Crypto Tax Evaders Should Worry About The IRS

Sep 24 2022 Published at UseTheBitcoin under tags  breaking crypto news crypto tax irs

The cryptocurrency market has grown in popularity and become mainstream throughout the years. Consequently, as the crypto community grows larger, trading volumes increase to new highs and with the growing acceptance of cryptocurrency as a mode of payment, the United States is also making more effort to ensure that the Internal Revenue Service (IRS) can properly collect crypto tax on digital assets.

May 19 2022

Report: Crypto traders potentially owe IRS around $50B in unpaid taxes

May 19 2022 Published at CryptoSlate under tags  crypto crypto tax india irs portugal

A Barclays report has revealed that crypto investors might not be paying their full taxes to the Internal Revenue Service (IRS), saying that the tax gap for crypto traders could be up to $50 billion, CNBC reported...

Apr 19 2022

Fast On The Draw: Sen. Warren Says TurboTax Is Ripping Off American Taxpayers

U.S. Senator Elizabeth Warren thinks the American people could be getting ripped off in a large-scale scam. Warren and two other U.S. lawmakers accused Intuit - the developer of the most widely used tax software in the country - of recruiting former regulators to defend TurboTax products that "scam American taxpayers" into paying for things that should be free. The Massachusetts Democrat wrote...

Mar 08 2022

Five Ways to Reduce Annual Crypto Taxes in the US

Mar 08 2022 Published at Altcoin Buzz under tags  bitcoin & crypto guide crypto irs tax taxes

The month of April is rapidly approaching and that brings ominous clouds for many who have to pay their crypto taxes. Here are five ways to minimize that tax burden. Tax season is upon us once again, and the United States Treasury is eyeing revenue from crypto gains more than ever. Cryptocurrency holders and investors in the U.S. need to...

Feb 15 2022

Your 2021 Crypto Taxes: How to Handle NFTs, DAOs, Airdrops and More

Feb 15 2022 Published at Unchained Podcast under tags  1099 2022 airdrops cointracker irs

Two crypto tax experts, Shehan Chandrasekera, certified public accountant and head of strategy, Tax, at Cointracker, and John Cardone, senior director of Washington National Tax at RSM US LLP, explain everything crypto traders need to understand when filing taxes for 2021. Show topics: the five types of transactions that constitute...

Feb 12 2022

The IRS’ Reporting Requirements For Brokers Won’t Affect Crypto Miners & Stakers

The infamous Infrastructure Bill put the IRS in a difficult situation. The bill gave the organization incredible fund tracking superpowers. The thing is, the measurements were impossible to enforce. Now, Bloomberg...

Feb 03 2022

IRS signals tax case retreat on staking, but the rules haven’t changed for everyone else

Feb 03 2022 Published at CryptoSlate under tags  crypto tax irs lawsuit legal legislation

In 2019 Joshua Jarrett earned block rewards on proof-of-stake networks, paid taxes as if those rewards were income, and in line with IRS’ limited guidance on how block rewards should be taxed. However, Jarrett also asked for a refund, arguing that the rewards should be treated as newly created property and therefore shouldn’t be taxed until he sells them. The IRS denied that...

Just In: Big Relief for Crypto Stakers and Miners, IRS Won’t Tax Unsold Crypto Tokens

Feb 03 2022 Published at Coingape under tags  btcbrl btcbusd btcdai btceur btcgbp

Crypto Stakers and miners could finally breathe a major sigh of relief as the IRS has decided not to tax unrealized gains derived from crypto staking or mining digital assets. This has been a major relief as many crypto proponents have been voicing their opinion against these proposed taxes over the last few months. Blockworks' The post Just In: Big Relief for Crypto...

IRS Will Not Tax Unsold Staked Crypto As Income

For individuals hoping to earn new tokens by providing security to large blockchains that use proof-of-stake, there may be good news ahead. IRS will not tax your unstaked crypto. A Nashville couple argued in May that tokens obtained through proof-of-stake protocols are taxpayer-created property that should not be taxed until they are sold or exchanged. The choice to refund may help to clarify...

Jan 28 2022

CoinTracker Attracts $100 Million In Fundraising To Enlarge The Platform

Cryptocurrency portfolio tracking platform CoinTracker raises $100 million in funding. The firm recently made this news to the public on 27th January. Investments derived by tech-tycoons and institutional investors have put the firm's net worth to $1.3 billion. Crypto-oriented businesses have been gaining significant traction even in the bear market. This shows that investors are patient enough to wait for the bullish trend...

Jan 26 2022

How Does Bitcoin Impact Your Taxes? 10 Things To Know

Jan 26 2022 Published at Bitcoin Magazine under tags  audit business feature irs taxes

A professional tax advisor explains the key things for Bitcoiners to know when filling out their returns for 2021. Source: greentradertax.com. Yes, it’s that...

Why The IRS Sees “Mountains Of Fraud” In Crypto And NFTs

Jan 26 2022 Published at Bitcoinist.com under tags  crypto crypto news irs nfts

As it grows, the crypto industry and its sectors attract more attention from regulators and political actors. In the United States, this industry seems poised for more hostility from the current administration as it is increasingly compared with illegal activities. Related Reading | Hacker Exploits...

Jan 16 2022

NFT Investors Are Owing Billions In U.S Taxes, Here’s How IRS Plans to Collect Tax

Jan 16 2022 Published at Coingape under tags  irs news nft nft investors nft news

Over time, nonfungible tokens (NFTs) have proven to be one of the hottest sectors in crypto, and now the U.S. government may finally be ready to get its share from this booming sector. According to a...

Dec 15 2021

Why Are Nation-State Agencies Ignoring Bitcoin As It Challenges Dollar Hegemony?

Dec 15 2021 Published at Bitcoin Magazine under tags  cia culture el salvador freedom imf

As bitcoin gains traction in becoming the world reserve currency, why are globalists ignoring it? Whatever the reason, Bitcoiners must stay vigilant.On the surface, Bitcoin seems poised to take over as the world reserve currency based on the game theory of people converging on the adoption of a single hard and sound currency. The original cryptocurrency has officially entered into its teenage...

Nov 22 2021

The IRS seized $4 billion worth of Bitcoin and other cryptos this year

Nov 22 2021 Published at CryptoSlate under tags  crime crypto crypto adoption irs regulation

Despite the fact that a large percentage of all funds seized by the Internal Revenue Service (IRS) in this fiscal year came from cryptocurrency, the agency has projected that it could be able to confiscate more billions from the same source by the next fiscal year....

Nov 20 2021

IRS Seized Crypto Worth $3.5 Billion This Year, Predicts Even More In 2022

The United States Internal Revenue Service (IRS) on Thursday published its annual Criminal Investigation (CI) report. During the fiscal year of 2021, the agency reported that it seized $3.5 billion worth of crypto. According to the...

Oct 27 2021

Crypto Traders: Calculate Taxes on cryptocurrency Gains To Avoid Costly Tax Mistake

One of the most significant barriers whilst trading in cryptocurrencies is assessing taxes around cryptocurrency investments and profits. This post is all about taxes on cryptocurrencies and how to calculate them wisely. Cryptocurrency tax laws differ across nations. Cryptocurrency has...

Oct 26 2021

Not Reporting Info on Some Transaction Partners Could Soon Be a Felony

Remember the $1 trillion infrastructure bill, which caused considerable backlash from the crypto community due to the language regarding “brokers?” Abe Sutherland, an adjunct professor at University of Virginia School of Law, believes another provision tucked inside the bill could end up being a far more significant issue for anyone transacting in digital assets. Show highlights:...

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