Breaking news
Crypto was absent from every speaker’s lips during the signing ceremony, with bipartisanship and jobs seeming to be the theme of the afternoon.
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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.
- Expert Take
More crypto tax enforcement is coming, and many taxpayers are complying going forward, and amending prior returns if they have something to clean up.
14819 - News
Regulatory scrutiny from around the world has forced the cryptocurrency exchange to up its compliance and auditing measures.
2877 - News
The IRS’ commissioner says crypto gains are taxable in the cannabis industry as the IRS treats cryptocurrencies as property.
6950 - Expert Take
A green post-COVID-10 recovery in accordance with the United Nations’ 17 Sustainable Development Goals is possible with blockchain and NFTs.
5395 - Opinion
A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready.
6917 - News
Former IRS supervisor Greg Monahan replaces Karen Leong as the global money laundering reporting officer of Binance.
2088 - Opinion
The provisions of the U.S. infrastructure bill stirred up a heated debate, but many of the fears voiced by its critics are misguided.
3578 - Expert Take
Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution.
15221 - News
The possible new funding would bring the Utah-based crypto tax automation provider to a valuation of $1 billion or above.
1657 - Expert Take
The U.S. Internal Revenue Service appears to be blinded by its own enthusiasm on crypto taxation, instead creating an excessive financial burden.
24813 - Expert Take
Any ransom payments made in cryptocurrency are taxed as property rather than currency, so be aware of the U.S. tax implications.
3009 - News
John McAfee asserted in an extradition hearing in Spain that the tax evasion charges aimed against him are politically motivated.
21612 - Expert Take
The U.S. authorities are becoming seriously interested in crypto, making unreported crypto more dangerous.
13267 - News
"Most crypto, virtual currencies are designed to stay off the radar screen," said Charles Rettig.
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