The Internal Revenue Service hopes to require tech giants such as Google and Microsoft to silently share crypto-related activity by users: Report.
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.
- News
- Expert Take
It might be possible to have your trust pay the lower corporate tax rate of 21% rather than your individual crypto tax rate.
- Analysis
Caitlin Long and Peter Van Valkenburgh find themselves on the opposite sides of the federal-versus-state regulation divide.
- Expert Take
by Selva Ozelli
What are the United States tax reporting obligations for those who held, donated or sold/exchanged crypto.
- News
Big Four firm Ernst & Young has released a new product for claiming taxes on cryptocurrencies.
- News
by Ana Berman
U.S. tax preparation software TurboTax Online has partnered with a crypto startup to add a crypto taxation section to its services.
- News
Entrepreneur John McAfee used news of unknown charges against him to reiterate his belief in cryptocurrency taking tax power away from governments.
- News
An article from The Wall Street Journal has suggested investors should sell and then repurchase their Bitcoin (BTC) as a strategy to save on taxes.
- Follow up
With more influential voices in academia and politics speaking out against burdensome federal regulations, is change imminent?
- News
The patchwork regulatory setups at federal level mean it is “easy to see” how the U.S. has a bad reputation among crypto operators and investors.
- News
U.S. Rep. Warren Davidson of Ohio announced plans to introduce a bill in the House of Representatives that would regulate ICOs and cryptocurrencies.
- Sponsored
A new global blockchain finance infrastructure will allow users to recover their private keys – ensuring they “never lose their funds.”
- News
by Ana Berman
An advisory committee urges the IRS to review crypto guidelines that were issued back in 2014.
- News
by Helen Partz
A crypto coalition led by Ripple plans to pay D.C. lobbyists to impact the government’s stance on cryptocurrencies.
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