IRS

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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CipherTrace Scout App Takes Crypto Investigations Mobile

Blockchain forensics firm CipherTrace has developed a mobile tool for flagging bitcoin and ethereum tokens with a criminal past. Announced today, CipherTrace Scout grants street-level investigators more freedom to identify, track and document illicit crypto transactions from the field, company representatives and law enforcement experts said. The software builds on a suite of investigatory tools …

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10 Tax Tools to Help Crypto Owners

<header class=”article__header”> </header> <strong>While tax laws on cryptocurrency vary by jurisdiction, there are many useful tools to help you calculate crypto taxes, lower your tax liabilities, and simplify your filing — no matter where you are. Many of them work globally, supporting tax forms of multiple countries, and can import data directly from all major …

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Indian Parliament Member Helping Crypto Community Influence Regulation

<header class=”article__header”> </header> <strong>The Indian crypto community has made progress towards influencing the government’s crypto policies. Some industry leaders have met with an influential lawmaker who has agreed to help bring about positive crypto regulation in the country.</strong> Also read: India’s Popular ‘Who Wants to Be a Millionaire’ Show Gives Crypto a Boost Parliament Member …

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‘Not an Audit’: IRS Notice Could Spell Trouble for Crypto Traders

</header> <strong>The IRS took to Twitter on August, 26, posting a video about recently mailed CP2000 notices, of special interest to crypto traders. The notice, which seeks to rectify discrepancies made by recipients in tax reporting, is another in a series of crypto-related letters recently sent by the agency. Though the promised guidelines for reporting …

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