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.

Opinion
IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measu...
Tax on income you never earned? It’s possible after Ethereum’s Merge
Justin Wilcox
2022-09-27T22:31:43+01:00
11746
News
The summons requires M.Y. Safra Bank to submit information about taxpayers who failed to report and pay their taxes on crypto.
IRS to summon users who don’t report and pay tax on crypto transactions
Ezra Reguerra
2022-09-23T09:52:20+01:00
12612
Opinion
The IRS is hiring 87,000 agents, thanks to President Joe Biden’s 2021 infrastructure package, but they won’t be fully trained for three years.
Get ready for a swarm of incompetent IRS agents in 2023
Crystal Stranger
2022-09-22T19:49:09+01:00
2568
Explained
The law enforcers like the IRS and FBI track Bitcoin with blockchain data and collaborate with private companies in an attempt to trace criminals and taxes.
Can the government track Bitcoin?
Alexandra Overgaag
2022-09-04T15:00:00+01:00
Market Analysis
BTC’s $335 million options expiry has become a death trap for bulls, and increased legal action by the SEC and IRS against crypto companies is adding to the sel...
Options data shows Bitcoin’s short-term uptrend is at risk if BTC falls below $23K
Marcel Pechman
2022-08-18T18:30:00+01:00
6621
News
The reporting requirements, aimed at reducing the size of the tax gap, were scheduled to take effect in January 2023, with crypto firms sending reports to the I...
US govt delays enforcement of crypto broker reporting requirements: Report
Turner Wright
2022-06-29T21:15:00+01:00
2282
Expert Take
With the market falling off a cliff, there will be big losses to claim on your taxes, right? Well, let’s break it down in detail.
Tips to claim tax losses with the US Internal Revenue Service
Robert W. Wood
2022-05-29T16:08:00+01:00
8379
News
Nonprofits are required to file IRS Form 8282 for crypto donations of $500 or more if donated funds are exchanged for the U.S. dollar.
Crypto donation startup launches IRS form as US tax season looms
Helen Partz
2022-03-29T14:06:14+01:00
1821

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