Filing 2020 taxes may be slightly less complicated for Coinbase users than it was before.
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.
Coinbase Ventures, PayPal Ventures and Winkelvoss Capital have all invested in cryptocurrency tax automation software provider TaxBit.4545
A former top investigator is warning that the IRS might be shifting crypto tax payment enforcement into high gear16781
Just remember, the IRS is quite interested in crypto and is taking steps to unearth those who do not report.35105
Such regulation by enforcement does indeed run the risk of stifling important and valuable innovation in the crypto space.85238
A crypto tax amnesty program could be the fairest way for achieving tax compliance and collection on crypto transactions.17990
This year’s Form 1040 requires all U.S. taxpayers to answer a question about whether they traded or acquired “virtual currency” during the year.13129
The Biden team looks to Janet Yellen to lead the next administration's economic policy, which will have to navigate the wreckage left in the wake of the coronavirus.23194
The level of freedoms that the U.S. has provides an argument for the country as the most crypto-friendly location, although Puerto Rico also has its benefits.24423
Once an IRS investigation or audit is opened, it’s too late to make amends, warn tax lawyers.12559
The United States tax authority doesn't seem to be very efficient when it comes to tracking down who owes crypto taxes — for now.31597
TaxBit’s tool will allow Gemini customers to increase their tax refund.5068
A new Monero update brings improvements in performance, speed, and security amid increased scrutiny from law enforcement and developments from competitors22830
U.S. regulators are starting to track crypto more seriously, and that’s a good sign for all crypto holders.10085
What a statement from a coin whose white paper originally proclaimed it as “a privacy-centric cryptographic currency."9235