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 rules and regulations surrounding cryptocurrency are complex, but accurate reporting is crucial to avoiding penalties.
Crypto Tax Reporting Failures Can Be Expensive, Even Criminal
Robert W. Wood
Launched in 2019, TaxBit’s tax reporting solution was built by not just developers but a team of CPAs, tax attorneys and software developers.
Tax Compliance Firm TaxBit Raises $5M to Improve Crypto Tax Reporting
Helen Partz
New Year Special
2019 was a very busy year with crypto tax legislation — check out Cointelegrahp's 2019 global overview.
Around the World in 2019 — A Landmark Year for Crypto Taxation
Or Lokay Cohen
Eight U.S. Congressmembers appealed to the IRS, urging the agency to provide additional clarity concerning crypto tax laws.
8 Congress Reps Send Letter to IRS Urging Further Crypto Tax Clarity
Benjamin Pirus
Accounting advisor and cryptocurrency accounting automation startup Lukka partnered to jointly launch a crypto asset tax preparation solution.
Accounting Advisor and Crypto Startup to Jointly Launch Crypto Tax Tool
Adrian Zmudzinski
Expert Take
Bitcoin traders can use Bitcoin price drops to reduce their tax liabilities.
If Bitcoin Price Drops — an Opportunity for Crypto Tax Planning
Or Lokay Cohen
A California federal court has affirmed the legitimacy of the U.S. tax authorities’ summons for data from crypto exchange Bitstamp in connection with an individ...
IRS Not Infringing Privacy Requesting Crypto Exchange Data: US Judge
Marie Huillet
Missouri-based software maker CryptoTrader.Tax has launched a new product facilitating cryptocurrency tax reporting.
Missouri Firm Launches New Software For Reporting Crypto Taxes
Helen Partz

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