Tagged: irs

Judge Denies Crypto Trader’s Petition to Prevent IRS from Accessing Records at Bitstamp

A judge in the state of Washington has denied a cryptocurrency trader’s petition to prevent the Internal Revenue Service (IRS) from accessing records of his 2016 trades at the Bitstamp cryptocurrency exchange. Judge John Coughenour has, however, determined that the IRS’s original summons goes “overboard”… Read More

Alon Muroch: CEO of Blox, a Crypto Accounting Platform, Reveals Common Accounting Mistakes Crypto Holders Make in Tax Filings

Individuals and organizations that use digital cryptocurrencies must begin reporting capital gains, and comply with regulatory guidelines. Firms must also implement appropriate auditing and accounting procedures for crypto assets and report such transactions to tax authorities.  On October 9, the Internal Revenue Service IRS released… Read More

Virtual Currency: IRS Guidance Addresses Cryptocurrency Forks and Tax Treatment

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The US Internal Revenue Service (IRS) has issued guidance today for “taxpayers who engage in transactions involving virtual currency.” Expanding on guidance from 2014, the IRS is issuing additional guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The… Read More

Heads Up! US Internal Revenue Service Sending Letters to Taxpayers Reminding them to Pay Taxes on Virtual Currency Transactions

The US Internal Revenue Service (IRS) is sending letters to taxpayers with “virtual currency transactions” to pay your taxes (or else!). For some time now, the IRS has required crypto exchanges such as Coinbase to share transaction details so there is no hiding from the… Read More

US Politicians Urge IRS to Clarify Aspects of Crypto Taxation

Twenty-one American Members of Congress have signed a strongly-worded letter “urg(ing)” the Internal Revenue Service (IRS), “to issue needed guidance on the tax consequences and basic reporting requirements for taxpayers that use virtual currencies,” in the United States. The letter is signed by Darren Soto… Read More

Survey: American Investors Lost $1.7 Billion on Bitcoin, Many Don’t Know Rules or Value of Tax Reporting

A survey conducted by the credit score provider Credit Karma of 1009 US adult Bitcoin investors has determined Americans investors may have incurred $1.7 billion in collective realized losses from Bitcoin speculation- about $718 USD each. The survey also determined an additional $5.7 billion in… Read More

Blockchain Analysis Spending by US Government Agencies Has Tripled in 2018

Don't Say the B Word Blockchain

Government agencies in the US have more than tripled the amount of money they are allotting to private firms doing forensics on blockchains like Bitcoin, says weekly newsletter for institutions, diar. The biggest spender by far is the Internal Revenue Service (IRS), which is “accounting… Read More

Joint Chiefs of Global Tax Enforcement (J5) to Fight Against International Tax Crime and Money Laundering Including Cryptocurrency

The Joint Chiefs of Global Tax Enforcement, or the “J5”, is a group of nations dedicated to fighting against tax crime and money laundering. Participants in the J5 include the Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA),… Read More

Accused Silk Road Second in Command Extradited to US

Yet another computer-savant smart enough to have allegedly managed a vast Dark Web marketplace yet not quite smart enough to avoid countries with extradition treaties with the US is on his way there to face charges of conspiracy to traffic drugs and launder money. According… Read More

Chief of the IRS Criminal Division is on the Hunt for Cryptocurrency Scofflaws

In March of 2014, the Internal Revenue Service issued  an FAQ on digital currencies and the tax treatment of transactions in crypto like Bitcoin. In brief, the IRS said that virtual currency should be treated as property for U.S. federal tax purposes. “General tax principles that… Read More

NODE40 Provides Tax Compliance to Cryptocurrency, Now Supports Coinbase Users

Bitcoin Tax Software NODE40 has announced it can now support Coinbase users in time for the April tax deadline (US). NODE40 is targeting Coinbase’s 13+ million users and the fact they must report capital gains and losses for their crypto trades during 2017. During 2017,… Read More

Coinbase Must Hand Over Account Info to IRS for Users that Transacted $20,000 or More in Crypto

Coinbase has received a judgement by the US District Court of Northern California ordering it to hand over all account information to the IRS for any transaction with the equivalent of $20,000 or more during the years 2013 to 2015. In the case United States… Read More

The US Government is Worried that Usage of Digital Currencies will Lead to Tax Avoidance

The Treasury Inspector General for Tax Administration (TIGTA) published a document this fall that reviewed the growing usage of Bitcoin and other digital currencies in the private sector. While acknowledging there are benefits to “virtual currencies” including lower transaction fees and faster transfer of funds… Read More

I Have a Tax Lien—Does That Mean I Can’t Get a Loan?

This time of year, taxes are top of mind for consumers and business owners alike, but few people like to think about tax liens.  Tax liens are serious business and can have a significant impact on your credit and ability to secure financing.  Since eCommerce… Read More

Female Rapper Kreayshawn Says No Thanks to Crowdfunding; Urges Fan to Remove GoFundMe Initiative

Showing some love for Oakland rapper, Kreayshawn, a devoted fan launched a GoFundMe initiative after she announced that she has been left with no money just days before Christmas. Kreayshawn, who is known for her hit song Gucci Gucci, took to her Twitter account to rant… Read More

Do Kickstarter Bands Have To Pay Taxes? Accountants Aren’t So Sure

Boy band Allstar Weekend are Poway’s answer to One Direction. The San Diego county-bred group got its start on the Disney Channel music competition Next Big Thing back in 2009. They took second place on that show, but the exposure helped the band ink a four-album deal… Read More

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