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...
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 "...
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...
The program was launched as a joint effort between IRS’s civil and criminal units.
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...
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...
Crypto purchases made with fiat do not need to be declared in Form 1040.
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...
Bitcoin's price is going down for many reasons including traders who realized gains last year selling to pay their tax bills.
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...
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...
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...
Former US Presidential candidate showed interest in Bitcoin and asked Government to legalize cryptocurrencies without taxes.
The agency is sending notices to the US investors for under-reporting crypto gains.
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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