There is no denying that you should be paying taxes on your income from crypto, but how can you ensure that you are not paying more taxes than you owe?
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.
The United States Internal Revenue Service is reportedly soliciting outside contractors to assist with calculations of cryptocurrency users’ transactions.13551
An analysis of the advantages and disadvantages of the blockchain protocols that are the basis of the entire industry.7666
Check the bad crypto news of the past week.6678
Losses in the traditional banking system during the global pandemic, while crypto could act much better: Here’s why.7742
In response to the coronavirus pandemic, the IRS is updating some important guidelines and procedures to make them easier.12888
Given the economic losses due to the COVID-19 pandemic, can we expect governments to be more vigilant in taxing cryptocurrency this year?5466
In response to the coronavirus pandemic, the IRS is taking some important measures but taxpayers could be under threat.2439
In response to the coronavirus pandemic, the Internal Revenue Service tries to help taxpayers to not lose this economic battle.19745
From fake Bitcoin volumes to the connection between Google searches and the price of Bitcoin, here are some things you ought to know before you start trading cryptocurrency.5779
Tax primer for retailers and e-tailers who want to use crypto.2584
Payments and cryptocurrency platform Crypto.com has simplified cryptocurrency tax reporting for its users through a new partnership with three tax providers.2220
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 been changed.2621
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 investors.4184
After some regulatory uncertainty, the U.S. has started its journey to the regulated space for blockchain and DLT industry.11294