カテゴリー: Internal Revenue Service

IRS to Face Record Number of Loss Claims, Says Crypto Accounting Firm

IRS to Face Record Number of Loss Claims, Says Crypto Accounting FirmNode40, a developer of bitcoin tax-reporting software, expects the U.S. Internal Revenue Service (IRS) to receive a record number of cryptocurrency-related tax return claims this year, as it predicts that many investors will decide to declare their losses. Also Read: G20 Leaders Declare Commitment to Regulate Crypto Assets Pros and Cons of Reporting Cryptocurrency traders […]

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US Representatives ‘Urge’ the IRS to Clarify Cryptocurrency Tax Guidance

US Representatives 'Urge' the IRS to Clarify Cryptocurrency Tax GuidanceOn Wednesday September 19, a committee of US bureaucrats sent an open letter to the Internal Revenue Service (IRS) in regard to the way cryptocurrencies are taxed. The representatives’ letter directed towards IRS commissioner David Kautter wants the taxation office to publish provisional guidelines on how digital currency transactions and investments should be handled when US […]

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US Representatives ‘Urge’ the IRS to Clarify Cryptocurrency Tax Guidance

US Representatives 'Urge' the IRS to Clarify Cryptocurrency Tax GuidanceOn Wednesday September 19, a committee of US bureaucrats sent an open letter to the Internal Revenue Service (IRS) in regard to the way cryptocurrencies are taxed. The representatives’ letter directed towards IRS commissioner David Kautter wants the taxation office to publish provisional guidelines on how digital currency transactions and investments should be handled when US […]

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Sales Tax and Bitcoin in the United States Can Be Confusing

Sales Tax and Bitcoin in the United States Can Be ConfusingOver the last two years in the US, the federal government and states have been trying to grasp the concept of cryptocurrencies and apply them to traditional finance laws like taxes. The task has proven to be extremely difficult for federal agencies and officials however. One confusing issue is the application of state sales tax […]

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Sales Tax and Bitcoin in the United States Can Be Confusing

Sales Tax and Bitcoin in the United States Can Be ConfusingOver the last two years in the US, the federal government and states have been trying to grasp the concept of cryptocurrencies and apply them to traditional finance laws like taxes. The task has proven to be extremely difficult for federal agencies and officials however. One confusing issue is the application of state sales tax […]

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Five Nations Join Efforts to Punish Transnational Bitcoin Tax Crime

Five Nations Join Efforts to Punish Transnational Bitcoin Tax CrimeTax enforcement authorities from five nations announced that they have created a united alliance, the Joint Chiefs of Global Tax Enforcement, known as “the J5.” The J5 said they are committed to combating transnational tax crime “through increased enforcement collaboration,” in other words: working together to gather information, share intelligence, and conduct joint operations. Also […]

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Tax Time is Here and Lots of Cryptocurrency Holders Don’t Care

Tax Time is Here and Lots of Cryptocurrency Holders Don't CareIn the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there […]

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Tax Paying Americans Owe $25 Billion in Cryptocurrency

Tax Paying Americans Owe $25 Billion in Cryptocurrency Gains LiabilitiesTax season in the U.S. is here, and many citizens who use or hold cryptocurrencies are clamoring around trying to figure out how to file their capital gains taxes. According to reports from Fundstrat’s analyst Tom Lee, cryptocurrencies represent roughly 20 percent of last years U.S. capital gains. Also Read: Emin Gün Sirer Discusses Cryptocurrency Academics […]

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South Korea Found a Way to Tax Cryptocurrencies Under Current Law

South Korea Found a Way to Tax Cryptocurrencies Under Current LawThe South Korean government has announced that some taxes can be applied to cryptocurrencies under the current law, which will be finalized in the first half of this year. Other taxes are also being considered but some are not easily implemented under the current tax system. Also read: Russian Regulators Draft Law to Restrict Crypto Mining, […]

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Trading Bitcoin for an Altcoin Won’t Shield You From the IRS Anymore

Trading Bitcoin for an Altcoin Won't Shield You From the IRS AnymoreAny American bitcoin investors who were hoping to avoid paying taxes for their profits this year by trading them for altcoins are in for an unpleasant surprise. New regulations have been tailored specifically to make sure U.S. taxpayers can’t use this method to avoid giving the IRS their cut. Also Read: South Africa Wants to […]

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