IRS

IRS Seeks Congressional Authority to Obtain Data on Cryptocurrency Transactions

<div class=”featured_image_container”> </div> <strong>The U.S. Internal Revenue Service (IRS) says it needs congressional authority in order to obtain the information needed to regulate cryptocurrency. “We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical,” IRS Commissioner Charles Rettig said.</strong> IRS Says It …

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US Treasury Unveils Biden’s Proposed Tax Measures — Cryptocurrency Transfers Over $10,000 to Be Reported to IRS

<div class=”featured_image_container”> </div> <strong>The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more than $10,000 to report transactions to …

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US Lawmaker Pushes for Safe Harbor Legislation to Protect Crypto Investors With Forked Coins

<div class=”featured_image_container”> </div> <strong>US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains or losses on ‘forked assets’ until the IRS issues sufficient …

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IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns

<div class=”featured_image_container”> </div> <strong>An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations.</strong> Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize …

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Binance Faces DOJ Probe as Investigators Target Crypto Money Laundering and Tax Evasion

<div class=”featured_image_container”> </div> <strong>Binance, one of the largest cryptocurrency exchanges in the world, is now being probed by the Department of Justice (DOJ) under the assumption that it could be immersed in money laundering transactions. The investigation will also include inquiries from the Internal Revenue Service (IRS), which has been recently investigating a number of …

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Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange

<div class=”featured_image_container”> </div> <strong>The Internal Revenue Service (IRS) has obtained court authorization to serve a John Doe summons on cryptocurrency exchange Kraken. The tax agency is seeking data of users with $20,000 or more in cryptocurrency transactions during the years 2016 to 2020.</strong> IRS Wants User Information From Crypto Exchanges The U.S. Department of Justice …

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US Court Authorizes IRS to Summon Cryptocurrency User Records From Circle and Poloniex

<div class=”featured_image_container”> </div> <strong>The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years 2016 to 2020 as well as other documents relating …

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With US Tax Season Around the Corner, Here’s How to Report Crypto Activity to the IRS

<div class=”featured_image_container”> </div> <strong>The key to properly filing taxes on cryptocurrency comes down to excellent record-keeping, the correct IRS tax forms, and knowledge about what qualifies as income versus capital gains.</strong> Handle Tax Filings With Care to Avoid Any Audits Although the traditional April 15th deadline for filing US taxes has been pushed to May …

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Would a US wealth tax push millionaires to Bitcoin adoption?

Levying a progressive tax on the ultra-wealthy has been a talking point long popular with many United States Democrats, yet such a policy would have been unimaginable under a Republican administration and a split Congress. Now that the Democratic Party is back in control of both the White House and Capitol Hill, the initiative is …

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Bitcoin ‘Underperforms’ During Tax Time: Analysis

January ushers in a new tax season. It is also, historically, a time when bitcoin underperforms relative to the other months of the year. Some analysts say that may not be a coincidence. From 2014 to 2020, bitcoin was down in four out of seven Januarys and six out of the past seven Marchs. According …

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