IRS

Missouri Firm Launches New Software For Reporting Crypto Taxes

Missouri-based software maker CryptoTrader.Tax has launched a new product facilitating cryptocurrency tax reporting. As the 2019 tax year comes to an end, the software is designed to help firms, certified public accountants and professionals counsel their clients about reporting their taxes from crypto in accordance with the tax guidelines set out by the United States …

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IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks

United States Internal Revenue Service (IRS) Criminal Investigation Chief John Fort said that the regulator is looking into potential tax issues caused by Bitcoin (BTC) ATMs and kiosks. According to Bloomberg Law on Nov. 15, Fort said that the IRS is collaborating with law enforcement to investigate illicit uses of new technologies like cryptocurrencies, stating: …

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Her Majesty the Queen Rules Out Crypto as Currency

Only a few weeks after the United States Internal Revenue Service published new guidance for crypto taxation, the United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue and Customs, has updated its cryptocurrency taxation policy paper for businesses and individuals. The HMRC’s approach in this policy paper is, as expected, conservative, and it stands …

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Where US Regulators Stand on Crypto Assets

<header class=”article__header”> </header> <strong>The U.S. has many regulators responsible for overseeing different aspects of crypto assets, each with its own stance on how they should be regulated. Major regulators in the U.S. with strong opinions on cryptocurrency include the SEC, the CFTC, the Federal Reserve, Fincen, and the IRS.</strong> Also read: Tax Guide: What Crypto …

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Tax Guide: What Crypto Owners Should Know

<header class=”article__header”> </header> <strong>With the rise in price and the growing adoption of cryptocurrencies, more governments worldwide have been ramping up efforts to tax them. Some countries are using extreme measures to get their hands on this new source of untapped revenue, but there are also tax-friendly countries that are not taxing crypto transactions. Furthermore, …

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IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings

<header class=”article__header”> </header> <strong>The U.S. Internal Revenue Service (IRS) has unveiled a new draft tax form used by some 150 million people in the country to file tax returns. It has a section that requires them to answer whether they have received, sold, sent, exchanged, or acquired any financial interest in any cryptocurrencies during the …

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US IRS Makes Change to Standard Questions in Regards to Cryptocurrencies

The United States Internal Revenue Service (IRS) has added a question on crypto ownership to the standard 1040 income tax form for the coming tax season. IRS wants to know about your crypto in 2019 On Oct. 11, a draft of the “Additional Income and Adjustments to Income” section of the new 1040 form surfaced …

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IRS Releases ‘Tax Cheat’ Info Raising Concerns About Crypto Theft

</header> <strong>The U.S. Internal Revenue Service (IRS) released a new report and infographic on Thursday illustrating unpaid or underpaid taxes for the years 2011 – 2013. The numbers reflect estimates based on the last such findings, for the years 2008 – 2010. With commissioner Chuck Rettig citing the importance of voluntary compliance, and crypto’s popularity …

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Only Reporting Part of Your Crypto Addresses? The IRS Needs to Know

Just a few months ago in July 2019, the United States Internal Revenue Service (IRS) sent approximately 10,000 letters to cryptocurrency holders regarding their crypto holdings. The letters detailed that recipients may not have reported their transactions properly, or failed to report income and pay taxes on their digital currency transactions.  The IRS asked the …

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