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.

The United States IRS has clarified that crypto investors who only purchased digital assets using fiat and did not sell during 2020 do not need to report said a...
IRS clarifies reporting requirements for crypto bought with fiat
Samuel Haig
Investing in digital assets can offer a plethora of opportunities, but when the taxman comes, investors best be prepared.
Crypto can be lucrative, but make sure you’re ready for the taxman
Derek Boirun
501(3)(c) status boosts the project's legitimacy as well as its efficiency in using donations.
Bitcoin core non-profit gets approved for tax exemption, perks for donors
Kollen Post
Expert Take
Now is the time to look beyond your own income-producing activities and look to your children’s crypto as well.
Parents, it’s time for ‘the talk’: Did your kid trade crypto in 2020?
Jason Morton
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

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