Big Four firm Ernst & Young has released a new product for claiming taxes on cryptocurrencies.
IRS News
The Internal Revenue Service or IRS is a public authority of Federal Government of the United States. The IRS is responsible for all tax collection and controls the implementation of tax legislation. The service was formed in 1862 and is headquartered in Washington, D.C.
There is currently an essential issue concerning the IRS with regards to the taxation of cryptocurrency. The organization has already announced that Bitcoin and other kinds of digital money are regarded as a possession, mining as a way of income, and the storing of cryptocurrency as equivalent to holding gold, meaning that everything should be taxed using the existing laws. Due to the IRS, if a Bitcoin owner came into possession of it by mining and then sold it, it is supposed to be considered 100% profit, which should be taxed between 15% and 20%, depending on its size. In addition to that, the IRS requested some large cryptocurrency exchange administrations for information about clients whose transactions were more than $20,000/year between 2013-2016.
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by Ana Berman
U.S. tax preparation software TurboTax Online has partnered with a crypto startup to add a crypto taxation section to its services.
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Entrepreneur John McAfee used news of unknown charges against him to reiterate his belief in cryptocurrency taking tax power away from governments.
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An article from The Wall Street Journal has suggested investors should sell and then repurchase their Bitcoin (BTC) as a strategy to save on taxes.
- Follow up
With more influential voices in academia and politics speaking out against burdensome federal regulations, is change imminent?
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The patchwork regulatory setups at federal level mean it is “easy to see” how the U.S. has a bad reputation among crypto operators and investors.
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U.S. Rep. Warren Davidson of Ohio announced plans to introduce a bill in the House of Representatives that would regulate ICOs and cryptocurrencies.
- Sponsored
A new global blockchain finance infrastructure will allow users to recover their private keys – ensuring they “never lose their funds.”
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by Ana Berman
An advisory committee urges the IRS to review crypto guidelines that were issued back in 2014.
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by Helen Partz
A crypto coalition led by Ripple plans to pay D.C. lobbyists to impact the government’s stance on cryptocurrencies.
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New research into publicly available records shows that U.S. government agencies have tripled their investment in blockchain intelligence firms this year.
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U.S. lawmakers have chastised the Internal Revenue Service (IRS) for failing to issue updated and “comprehensive” crypto taxation guidance since 2014.
- Expert Take
After a 10 year run, the OVDP will formally close on September 28, 2018, and some people are rushing to get in.
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The director of the U.S. Financial Crimes Enforcement Network says that the agency has seen a surge in filings of crypto-related Suspicious Activity Reports.
- Expert Take
The J5 is using military and intelligence terminology to talk about its enforcement response.
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