Tagged: irs

Bitcoins Used to Pay for Products are Taxable Income, Wages Paid in Virtual Currency are Subject to Witholding, Turbo Tax Explains

Gary Guthrie from ConsumerAffairs notes that the July 15, 2020 tax-filing deadline for US taxpayers is approaching, and the Internal Revenue Service (IRS) plans to ensure that US residents have the appropriate tools and services to assist them with filing taxes and meeting their obligations…. Read More

Coinbase Claims Most of its Trades Executed Smoothly via its APIs during Recent Outage as Bitcoin (BTC) Price Surged

Digital asset exchange Coinbase confirms that it experienced an outage on June 1, 2020, that reportedly affected the operations of Coinbase.com (mainly for regular or retail traders), Coinbase Pro for professional or institutional traders, and it also impacted the exchange’s mobile applications. Not all cryptocurrency… Read More

IRS: Coronavirus Payments Said to Start this Week

A report today indicates that checks to individuals as part of the Coronavirus relief program will start being deposited in bank accounts later this week. Economic Impact Payments According to Fox Business, a Senior Treasury Official says that between $50 million and $60 million will… Read More

COVID-19 Relief: Payments Giant Square to Add Feature Allowing Users to Directly Access Stimulus Funds from their Cash App Accounts

The US Internal Revenue Service (IRS) confirmed on April 10, 2020 that it would be providing a tool for eligible American citizens and residents who don’t normally submit tax return documents, so that they can get access to government Coronavirus (COVID-19)-related stimulus funds. Soon after… Read More

IRS Plans Crypto Summit with Industry Participants

The US Internal Revenue Service (IRS), the agency that handles taxation for the population, has scheduled a “summit” with cryptocurrency companies taking place next week on Tuesday, March 3rd. This is according to a report in Bloomberg Tax. The agency plans to engage and discuss… Read More

Agencies within the US Justice and Treasury Department are Seeking Millions of Dollars in Funding to Oversee the Cryptocurrency Industry

Federal agencies and departments established within the US Justice Department and the Treasury Department are reportedly requesting that millions of dollars be allocated to support their oversight and enforcement efforts related to the cryptocurrency industry. US President Donald Trump’s administration introduced its $4.8 trillion budget… Read More

The Wall Street Blockchain Alliance Asks IRS to Clarify Crypto Tax Approach

The Wall Street Blockchain Alliance (WSBA) has posted a letter addressed to the US Internal Revenue Service (IRS) asking the agency to clarify its stance on crypto and taxation. In the past, the IRS has issued several statements and warnings to holders of cryptocurrency with… Read More

Financial Services Provider Refundo Launches IRS & State Income Tax Refunds in Bitcoin, Cash, Ethereum, & Ripple

Refundo, a provider of tax-related financial products and services, announced on Tuesday it is once again making federal and state tax refunds available in cryptocurrency. The company revealed it is introducing support for Bitcoin Cash (BCH), Ethereum (ETC), and Ripple (XRP) as additional cryptocurrency options… Read More

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

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