IRS

Crypto Tax Reporting Failures Can Be Expensive, Even Criminal

The Internal Revenue Service is aware that millions of cryptocurrency transactions may still remain unreported. Taxpayers may think they will not be caught, and many Coinbase users may have thought their information would be protected until the John Doe summons proved otherwise. The best way to avoid penalties is to disclose and report as accurately …

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Tax Compliance Firm TaxBit Raises $5M to Improve Crypto Tax Reporting

TaxBit, a crypto-oriented tax compliance firm, has raised $5 million in a seed round that saw participation from the Winklevoss twins’ family office, Winklevoss Capital. In a Jan. 6 announcement, TaxBit said that it plans to use the raised funds to enhance its software products on an international scale as its tax reporting tool has …

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IRS drops longstanding promise not to compete against TurboTax

Enlarge Getty Images | Nora Carol Photography The Internal Revenue Service’s new agreement with the tax-software industry prohibits companies from hiding their free options from search engines and allows the IRS to offer its own tax-return software in competition against TurboTax. That doesn’t mean the IRS will offer its own software, but the agency has officially …

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These Are the Bitcoin Stories You Loved in 2019

</header> <strong>2019 was a crazy year for cryptocurrency enthusiasts and a number of interesting events happened throughout the last 12 months. It’s hard to keep track of the day-to-day activities taking place within the cryptosphere and there may be a few incidents some of our readers missed. At news.Bitcoin.com we took the opportunity to scan …

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Around the World in 2019 — A Landmark Year for Crypto Taxation

2019 was, without a doubt, a milestone for crypto taxation. Countries around the world realized cryptocurrencies are here to stay and adjusted their crypto tax policies as a result. This year alone, several countries have been busy establishing and amending crypto tax legislation. Governments around the world have published updated guidance, changed crypto tax rules, …

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Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

</header> <strong>As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to …

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Thomson Reuters Launches Crypto Tax Tool

</header> <strong>Tax authorities around the world are increasing their focus on crypto transactions and companies are rushing to help investors navigate the unclear regulations. The latest example is Thomson Reuters which has added a new tool for American tax payers to report crypto dealings to the IRS.</strong> Also Read: Thomson Reuters Eikon to Display Data …

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Lawmakers Want Answers From IRS, Citing Major Issues With Crypto Tax Guidance

</header> <strong>Eight lawmakers have sent a letter to the IRS seeking answers to new questions stemming from the latest crypto tax guidance. They pointed out a number of major issues including unwarranted tax liabilities for crypto users who unwillingly receive forked or airdropped coins.</strong> Also read: Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY …

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8 Congress Reps Send Letter to IRS Urging Further Crypto Tax Clarity

Eight members of the United States (U.S.) Congress sent a letter to the Internal Revenue Service (IRS) urging the agency to provide additional clarity on cryptocurrency tax laws.  A letter dated Dec. 20, signed by eight U.S. Congress members, stated: “We wrote in April of this year urging the issuance of guidance for taxpayers who …

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US Lawmakers Ask IRS to Clarify Crypto Tax Rules Around Airdrops, Forks in New Letter

The U.S. taxman’s most recent crypto guidance is sowing confusion, according to a letter from eight congressmen published Friday. According to a letter penned by Representatives Tom Emmer (R-Minn.), Bill Foster (D-Ill.), David Schweikert (r-Ariz.), Darren Soto (D-Fla.), Lance Gooden (R-Texas), French Hill (R-Ark.), Matt Gaetz (R-Fla.) and Warren Davidson (R-Ohio), the Internal Revenue Service’s …

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