Since the time Ethereum was born, the crypto-tax landscape has dramatically changed, and that is where we are now.
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.
Several of the more crypto-forward members of Congress have asked the IRS to sharpen up its guidance on taxing staking rewards.8588
Disclosure sounds like it exposes you to extra IRS audit risk, but if it’s done properly, disclosure can actually reduce your risk.3769
The IRS is looking to expand its investigative capabilities around privacy coins, layer-two solutions, and sidechains.4027
U.S. agencies sought millions of dollars in new funding to bolster national and international cryptocurrency investigations.6184
The coronavirus pandemic has forced governments worldwide to focus on bringing blockchain tech to their financial services.4671
A new crypto reporting app by the big four accounting firm EY will help clients with tax reporting as the IRS cracks down on tax evasion.3800
All you need to know to prepare for Crypto Tax Season 2020 and correctly inform the IRS about your crypto.3632
The US federal court sides with the IRS in a dispute involving crypto whales and unpaid taxes.2539
The Internal Revenue Service has already changed its deadlines to July 15, so if you are not ready to file your crypto taxes in a month, you should ask for an extension.3526
Cryptocurrency has become one of the easiest ways to donate to charity without the funds being funneled to third parties.4797
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?8915
The United States Internal Revenue Service is reportedly soliciting outside contractors to assist with calculations of cryptocurrency users’ transactions.13807
An analysis of the advantages and disadvantages of the blockchain protocols that are the basis of the entire industry.8071
Check the bad crypto news of the past week.6795