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 IRS is looking to expand its investigative capabilities around privacy coins, layer-two solutions, and sidechains.
IRS Wants to Track ‘Nefarious’ Privacy Coin and Lightning Transactions
Samuel Haig
Expert Take
U.S. agencies sought millions of dollars in new funding to bolster national and international cryptocurrency investigations.
The US Plan to Monitor Illegal Crypto Activities More Sufficiently
Selva Ozelli
Expert Take
The coronavirus pandemic has forced governments worldwide to focus on bringing blockchain tech to their financial services.
Not Like Before: Digital Currencies Debut Amid COVID-19
Selva Ozelli
A new crypto reporting app by the big four accounting firm EY will help clients with tax reporting as the IRS cracks down on tax evasion.
Tax Time: Ernst & Young Release Crypto Tax App
Joshua Mapperson
Expert Take
All you need to know to prepare for Crypto Tax Season 2020 and correctly inform the IRS about your crypto.
One Month Left to Crypto Tax Season — 5 Critical Mistakes to Avoid
Or Lokay Cohen
The US federal court sides with the IRS in a dispute involving crypto whales and unpaid taxes.
US Tax Court Says You Should Sell Your Crypto Savings If You Owe IRS
Stephen O'Neal
Expert Take
The Internal Revenue Service has already changed its deadlines to July 15, so if you are not ready to file your crypto taxes in a month, you should ask for an e...
Crypto Taxes Are Due July 15, but Be Careful — You May Need More Time
Robert W. Wood
Cryptocurrency has become one of the easiest ways to donate to charity without the funds being funneled to third parties.
Your Crypto Taxes Can Be Donated to Charity Instead
Alex Wilson

Follow us on Facebook