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.

Filing 2020 taxes may be slightly less complicated for Coinbase users than it was before.
Coinbase users can now report their crypto taxes using CoinTracker
Turner Wright
Coinbase Ventures, PayPal Ventures and Winkelvoss Capital have all invested in cryptocurrency tax automation software provider TaxBit.
US crypto firms invest in tax solutions as IRS updates reporting forms
Marie Huillet
A former top investigator is warning that the IRS might be shifting crypto tax payment enforcement into high gear
IRS to transition from ‘education to enforcement,’ says former division chief
Andrew Thurman
New Year Special
Just remember, the IRS is quite interested in crypto and is taking steps to unearth those who do not report.
Crypto taxes, reporting and tax audits in 2021
Robert W. Wood
Expert Take
Such regulation by enforcement does indeed run the risk of stifling important and valuable innovation in the crypto space.
SEC vs. Ripple: A predictable but undesirable development
Carol Goforth
A crypto tax amnesty program could be the fairest way for achieving tax compliance and collection on crypto transactions.
Tax justice for crypto users: The immediate and compelling need for an amnesty program
Jason Morton
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.
IRS tax form question leaves US crypto users confused and concerned
Cyrus McNally
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 coronav...
Biden plans for former Fed Chair and noted Bitcoin bear to lead US Treasury
Kollen Post

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