News
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.
1695
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.
- Sponsored
Cryptocurrency is subject to capital gains taxes; however, the amount can be significantly reduced with the right strategies.
1298 - Use Case
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 - Expert Take
As mainstream adoption of crypto increases, blockchain forensics is enabling law enforcement to recover stolen crypto, making the space more secure.
4460 - Analysis
Law enforcement’s robust capacity to follow the money on the blockchain is good news for the crypto industry.
5103 - Sponsored
Without the right crypto tax calculation software, people may not be accurately reporting their income from digital assets.
3519 - Analysis
There is yet to be a conclusive court ruling regarding the taxation of staked crypto rewards; however, a recent case demonstrates industry progression.
6540 - Expert Take
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 - Expert Take
Breaking down what we know (and don’t know) about nonfungible tokens and their current (and possible) taxations.
6304 - News
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 - News
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 - News
The Tezos validator who took the IRS to court argues that staking rewards should be treated as created property rather than income.
2509 - News
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 - News
IRS chief sees “mountains and mountains” of fraud in NFTs and cryptocurrencies as demand continues to rise going forward in 2022.
4959 - News
TaxBit wants to prevent crypto users from spending “thousands of dollars per year” to generate crypto tax forms.
5753