Tag: irs

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:...

Sep 20 2021

Infrastructure Bill Seeks To Obligate People To Report Bitcoin Payments Of Over $10,000 To The IRS

The tax change would extend the IRS cash payments reporting requirements to bitcoin and cryptocurrencies.According to Publication 1544 of the U.S. Internal Revenue Service (IRS), any person who receives more than $10,000 in cash in 12 months due to a trade or business must report it to the IRS and the Financial Crimes Enforcement Network (FinCEN) on...

Aug 18 2021

Aug 13 2021

How Bitcoin Investors Can Enjoy This Tax Loophole Benefit, For Now

Aug 13 2021 Published at Bitcoin Magazine under tags  business irs regulation taxes wash rule

The U.S. “wash sale rule” gives bitcoin investors the chance to realize tax breaks. Here’s how.Bitcoin has digitized the transfer of value at the speed of the internet. Yet such technological leaps tend to temporarily overload a bureaucracy’s ability to keep up with regulations, laws and taxation. Currently, the IRS designates bitcoin as “property” rather than currency, and characterizes the sale of...

Aug 12 2021

Crypto Funding: TaxBit Pulls $130 Million in Series B to Fund Expansion

American Tax and Accounting software provider dedicated to the digital currency ecosystem, TaxBit has completed its Series B funding round, raising a total of $130 million from Investors. According to the announcement from the firm, the round was led by IVP and Insight Partners with additional participation including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, The post Crypto Funding: TaxBit Pulls $130 Million...

Aug 06 2021

How Congress Might Pass Laws Bad for Proof-of-Stake and DeFi

Aug 06 2021 Published at Unchained Podcast under tags  2021 defi irs regulation shows

Kristin Smith, executive director at the Blockchain Association, discusses the latest news on a provision in the infrastructure bill that seeks to raise $28B from the crypto industry in taxes. Show highlights: how the original crypto provision within the infrastructure bill came to be...

US Infrastructure Bill: Weekend Vote to Decide the Fate of Crypto Community

Aug 06 2021 Published at Coingape under tags  btcbrl btcbusd btcdai btceur btcgbp

The US Senate is set to vote for amendments in the controversial Crypto Tax proposal of the Bipartisan Infrastructure Bill this weekend. Few members of the Senate Finance Committee and Republicans are running against the current $1.2 trillion worth, US infrastructure bill, that plans to radically increase crypto tax and raise nearly $28 billion from The post US Infrastructure Bill: Weekend Vote to...

Jul 16 2021

Why It Might Be Too Late for Binance to Avoid Regulatory Action

Jul 16 2021 Published at Unchained Podcast under tags  2021 binance bitmex cftc crypto

Christine Parker, partner at Reed Smith, summarizes the slew of regulatory headlines facing Binance and how such scrutiny may affect the exchange going forward. Show highlights: which countries are investigating Binance why it has been...

Jun 09 2021

This Company Is Raising $500M — Three Months After Its Last Round

Jun 09 2021 Published at Unchained Podcast under tags  bitcoin blockfi defi el salvador irs

June 9, 2021 / Unchained Daily / Laura Shin Daily Bits ✍️✍️✍️ The IRS has requested $32M in additional funding to...

May 28 2021

Rep. Tom Emmer, One of the Most Active Crypto Congress Members, on Taxes and DeFi

May 28 2021 Published at Unchained Podcast under tags  2021 blockchain crypto defi fatf

House Representative Tom Emmer, of Minnesota, is one of the most active voice for crypto and blockchain in the US government. In this episode, he discusses: what book made Tom fall down the crypto rabbit hole why Tom believes the Financial...

May 27 2021

Did You Buy the Dip?

May 27, 2021 / Unchained Daily / Laura Shin Daily Bits ✍️✍️✍️ SEC Commissioner Gary Gensler...

May 21 2021

Cryptocurrency Is “Here To Stay”

May 21, 2021 / Unchained Daily / Laura Shin Welcome to Unchained Daily ICYMI,...

May 20 2021

U.S. Wants To Require That Large Bitcoin Transactions Are Reported To IRS

A tax enforcement proposal from the Biden administration may compel businesses to report bitcoin transactions exceeding $10,000 to the IRS.A tax enforcement proposal from the Biden administration would compel businesses accepting bitcoin transactions of more than $10,000 to report them to the Internal Revenue Service (IRS).“Cryptocurrency already poses a significant detection problem by facilitating illegal...

US Treasury sets $10K Crypto Limit for Exchanges to Report to IRS

May 20 2021 Published at Coingape under tags  btcbrl btcbusd btcdai btceur btcgbp

The US Treasury Department today announced a major clampdown on crypto transactions in the US as it set an upper limit of $10,000 to be reported to the Internal Revenue Services (IRS). The department said that the...

May 17 2021

Do I Have To Pay Taxes On Bitcoin?

May 17 2021 Published at Bitcoin Magazine under tags  culture irs taxeable events taxes

What is the current outlook on bitcoin taxes, and what might the future hold as the network and asset grows?While many joke about that unfortunate boating accident that magically makes all bitcoin disappear, the vast majority of us know that as the popular meme goes, “One does not simply not pay taxes.” This article is geared toward the U.S. tax code, as...

May 15 2021

Crypto Exchange Binance Under Investigation by Department of Justice and IRS

Crypto exchange giant Binance is allegedly under investigation by the U.S. Internal Revenue Service (IRS), as well as the Department of Justice (DOJ) for money laundering and tax evasion. BREAKING: Binance, the world's biggest crypto exchange, is under investigation by the Justice Department and IRS...

May 14 2021

Binance Collaborates with IRS & DOJ Over Illegal Activity on the Exchange

May 14 2021 Published at Blockonomi under tags  binance doj irs regulation

Binance, one of the most important cryptocurrency exchanges in the world, could be facing an investigation by both the United States Justice Department (DOJ) and Internal Revenue Service (IRS) according to Bloomberg. The investigation would be the result of the US efforts to stop illegal activities that have found a way to take advantage of [...] The post Binance Collaborates with IRS &...

May 13 2021

Report: Major Bitcoin Exchange Binance Investigated By U.S. Authorities

The world’s largest bitcoin exchange, Binance, is reportedly being investigated by U.S. authorities.The world’s largest cryptocurrency exchange, Binance, is under investigation by the U.S. Department of Justice and Internal Revenue Service (IRS), according to a report from...

FUD Alert: US Federal Agencies Question Binance, No Accusations of Wrong Doing

May 13 2021 Published at Coingape under tags  binance exchange bnbbkrw bnbbtc bnbbusd bnbeth

Binance, the world's leading cryptocurrency exchange is reportedly facing an investigation from Justice Department and IRS according to a...

IRS Says It Would Seize Bitcoin To Settle Unpaid Taxes

May 13 2021 Published at Bitcoin Magazine under tags  culture irs taxes

In comments at a virtual conference, an IRS counsel indicated the agency would seize virtual currency like bitcoin to satisfy tax collection.According to comments made at a virtual conference this week by U.S. Internal Revenue Service (IRS) deputy associate chief counsel Robert Wearing, the agency would seize cryptocurrency assets like bitcoin from individuals it deems to be in violation of tax requirements....

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