Nonprofits are required to file IRS Form 8282 for crypto donations of $500 or more if donated funds are exchanged for the U.S. dollar.
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.
Cryptocurrency is subject to capital gains taxes; however, the amount can be significantly reduced with the right strategies.1298
High demand for CPAs has left many to fend for themselves when it comes time to figure out the complex tax landscape marked by virtual currencies.3242
As mainstream adoption of crypto increases, blockchain forensics is enabling law enforcement to recover stolen crypto, making the space more secure.4460
Law enforcement’s robust capacity to follow the money on the blockchain is good news for the crypto industry.5103
Without the right crypto tax calculation software, people may not be accurately reporting their income from digital assets.3519
There is yet to be a conclusive court ruling regarding the taxation of staked crypto rewards; however, a recent case demonstrates industry progression.6540
Much has been said about the legal implications of DAOs, but little attention has been paid to the tax and reporting considerations for DAOs and their token holders.6067
Breaking down what we know (and don’t know) about nonfungible tokens and their current (and possible) taxations.6304
The exchange said users could send the funds to their Coinbase accounts in fiat, or automatically convert it to crypto with no trading fees.6626
House Representative Suzan DelBene, introducing the latest iteration of the bill, said the United States needs to "ensure that our tax code evolves with our use of virtual currency."8928
The Tezos validator who took the IRS to court argues that staking rewards should be treated as created property rather than income.2509
The couple’s case against the IRS compared unsold crypto rewards to an unsold book and will be rewarded a refund with interest for tax paid.9407
IRS chief sees “mountains and mountains” of fraud in NFTs and cryptocurrencies as demand continues to rise going forward in 2022.4959
TaxBit wants to prevent crypto users from spending “thousands of dollars per year” to generate crypto tax forms.5753