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
Such regulation by enforcement does indeed run the risk of stifling important and valuable innovation in the crypto space.
SEC vs. Ripple: A predictable but undesirable development
Carol Goforth
2020-12-27T17:17:00+00:00
86861
Opinion
A crypto tax amnesty program could be the fairest way for achieving tax compliance and collection on crypto transactions.
Tax justice for crypto users: The immediate and compelling need for an amnesty program
Jason Morton
2020-12-19T23:33:00+00:00
18218
News
This year’s Form 1040 requires all U.S. taxpayers to answer a question about whether they traded or acquired “virtual currency” during the year.
IRS tax form question leaves US crypto users confused and concerned
Cyrus McNally
2020-12-17T02:02:43+00:00
13526
News
The Biden team looks to Janet Yellen to lead the next administration's economic policy, which will have to navigate the wreckage left in the wake of the coronav...
Biden plans for former Fed Chair and noted Bitcoin bear to lead US Treasury
Kollen Post
2020-11-23T20:40:31+00:00
23227
Analysis
The level of freedoms that the U.S. has provides an argument for the country as the most crypto-friendly location, although Puerto Rico also has its benefits.
Friendliest of them all? These could be the best places for crypto
Benjamin Pirus
2020-11-23T00:32:00+00:00
24554
News
Once an IRS investigation or audit is opened, it’s too late to make amends, warn tax lawyers.
U.S. law firm says IRS is coming after Coinbase users who evade taxes
Marie Huillet
2020-11-11T12:19:18+00:00
12675
News
The United States tax authority doesn't seem to be very efficient when it comes to tracking down who owes crypto taxes — for now.
How the IRS tracks down people who don’t report their crypto
Benjamin Pirus
2020-10-30T21:30:00+00:00
31686
News
TaxBit’s tool will allow Gemini customers to increase their tax refund.
Winklevoss’ Gemini exchange to count crypto taxes in real time
Helen Partz
2020-10-29T12:00:00+00:00
5227

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