Tax primer for retailers and e-tailers who want to use crypto.
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.
- How to crypto
- News
Payments and cryptocurrency platform Crypto.com has simplified cryptocurrency tax reporting for its users through a new partnership with three tax providers.
- Expert Take
In response to the COVID-19 pandemic, the Internal Revenue Service has delayed tax payment deadlines by 90 days, and later the date for filing returns has also ...
- News
As the Coronavirus outbreak rages in the U.S., the government passed relief measures that delay the payment of taxes to July, which also affects crypto investor...
- Expert Take
by Selva Ozelli
After some regulatory uncertainty, the U.S. has started its journey to the regulated space for blockchain and DLT industry.
- News
A Protocol Labs General Council member bashed the current crypto tax scene at a recent congressional hearing on blockchain tech.
- News
by Kollen Post
Representatives from Coinbase and Kraken fear that the IRS is overestimating the threat they pose to U.S. regulation.
- News
by Kollen Post
A panel of experts spoke before the U.S. IRS on recent changes in crypto technology that are shaking up the world of taxation.
- Expert Take
The Internal Revenue Service classifies crypto as property and now wants to know whether or not you acquired any financial interest from cryptocurrency in the l...
- News
Cryptocurrency companies and advocates will meet in DC to discuss how the IRS can “balance taxpayer service with regulatory enforcement.”
- News
Blockfolio users can now import their existing crypto portfolios into TokenTax’s automated software.
- News
Video game currencies have been stricken off an official IRS guidance as examples of virtual currencies, as the agency ups its scrutiny of crypto transactions.
- Expert Take
All you need to know for Crypto Tax Season 2020: new guidance, rules, nuances. Be ready to inform the IRS about your crypto.
- Opinion
The rules and regulations surrounding cryptocurrency are complex, but accurate reporting is crucial to avoiding penalties.
- News
by Helen Partz
Launched in 2019, TaxBit’s tax reporting solution was built by not just developers but a team of CPAs, tax attorneys and software developers.
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