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.

Expert Take
The IRS has a strong interest in receiving information from informed whistleblowers about offshore crypto accounts and criminal crypto tax activity.
Illicit crypto transactions are getting more attention from the government
Selva Ozelli
Dollars are used for nefarious activities too.
XMR workgroup says IRS should study Monero — not try to break it
Helen Partz
Taking account of more aggressive crypto tracking measures and what they mean for future government adoption of blockchain.
Law Decoded: Governments vs. blockchain privacy, Sept. 4-11
Kollen Post
The United States Internal Revenue Service has announced a bounty of up to $625,000 to anyone who can crack Monero’s privacy.
The IRS offers a $625,000 bounty to anyone who can break Monero and Lightning
Joshua Mapperson
CipherTrace believes financial institutions are failing to identify up to 90% of suspicious transactions related to crypto assets
Banks failing to identify up to 90% of suspicious crypto transactions
Samuel Haig
A new analytics firm scores a major contract with the U.S. tax agency, which has been upping its crypto engagement left and right.
IRS doubles down, investing another quarter million dollars into tracking crypto transactions
Kollen Post
That will be confusing for some, and unsurprising for others.
The IRS wants to tax every penny of your crypto, US government memorandum says
Benjamin Pirus
Expert Take
The COVID-19 pandemic might help to further Qatar’s national strategy in the fintech and blockchain spaces to reduce the crisis’s impact.
Qatar’s National Solarized Fintech Strategy Amid COVID-19 Pandemic
Selva Ozelli

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