IRS

Crypto Holders Still Face Issues Reporting Tax Liabilities, Survey of CPAs Finds

Crypto-literate public accountants are concerned their clients might face Internal Revenue Service (IRS) audits and penalties for underpaying taxes on their crypto holdings, a new survey finds. Cryptocurrency accounting service provider Blox and tax software developer Sovos conducted a survey of roughly 45 Certified Public Accountants (CPAs) familiar with crypto, finding that the majority believe …

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Fake Trading Volumes and the Price of Bitcoin: Are They Connected?

Last year, Bitwise Asset Management reported to the United States Securities and Exchange Commission that 95% of trading volume in Bitcoin (BTC) was fake. Bitwise found that, according to data published by CoinMarketCap — a widely cited tracker of crypto statistics — Bitcoin’s approximate average daily volume in April 2019 was $10 billion. In comparison, …

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Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency

</header> <strong>While its well-known that the revised Schedule 1 form for U.S. taxpayers now contains a question about cryptocurrencies, what is lesser discussed are the legal ramifications this may have for filers who answer incorrectly. The vague nature of the yes or no inquiry has one tax expert doubting the constitutionality of the question, urging …

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CoinTracking.info Helps Crypto Traders Avoid Costly Tax Mistakes

</header> MUNICH, Germany, March 10, 2020 — CoinTracking.info, the world’s most popular cryptocurrency tax software, is announcing the launch of a new service aimed at helping crypto traders avoid a common tax-time mistake: submitting incomplete or incorrect data to the IRS. Many cryptocurrency traders don’t even know that their return isn’t right. Some of the …

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IRS Crypto Summit Was About the Exchange of Ideas, Not Tax Guidance

WASHINGTON — “We might be overcomplicating things,” an audience member at the Internal Revenue Service’s crypto summit said midway through the first panel. The IRS hosted four panels Tuesday, discussing technology, exchanges, the tax filing process and regulatory guidance in a daylong session uniting industry stakeholders, tax experts and regulators. The goal: Sort out some …

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Cryptocurrency Airdrops and Giveaways: What They Are and What’s Next

</header> <strong>There are a number of ways people can obtain cryptocurrencies and one of them is through airdrops, a type of distribution where creators send free coins to numerous crypto wallet addresses in order to drive adoption. Airdrops have been leveraged for years and token distributors believe that it’s a great way to disburse coins …

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Crypto Taxes a ‘Nightmare’ — Congress Hears the Latest on Blockchain for Small Business

In a United States congressional meeting titled “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses,” one of the testifying witnesses called out current cryptocurrency taxation expectations for their overbearing complexity.  “Doing your taxes for crypto is the worst nightmare,” Protocol Labs General Council member Marvin Ammori said, fielding a question from …

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Uphold Teams Up With TaxBit to More Accurately Report Users’ Crypto Trades

Uphold is hoping to prevent its customers from being audited by reporting their crypto trades as property trades – not income, as many exchanges have done in the past. The platform, which provides trading in crypto, fiat currencies and assets like metals, is partnering with Taxbit to provide customers with a tax liability dashboard on …

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Human Readability and Privacy: BCH Can Be Sent by Email With Tips Tool, No Usernames Required

</header> <strong>Tips.Bitcoin.com allows users of crypto to tip <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BCH” target=”_blank” rel=”noopener noreferrer”>BCH</a> to friends and family via email address, arguably cutting out some of the inconvenience associated with standard bitcoin address formats. Unlike Coinbase Wallet’s new username option, which achieves similar ease for transactions, sending keys via email does not require a centralized …

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Ex-Microsoft Engineer Used Bitcoin to Help Embezzle Millions From Tech Giant

A U.S. court has found a former Microsoft software engineer guilty of embezzling millions of dollars and turning it into bitcoin to fund a life of luxury. Volodymyr Kvashuk, 25, was convicted Tuesday by the U.S. District Court in Seattle of 18 separate federal felonies that defrauded Microsoft out of a total of $10 million, …

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