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.

Former IRS supervisor Greg Monahan replaces Karen Leong as the global money laundering reporting officer of Binance.
Former US Treasury official joins Binance to lead AML efforts
Erhan Kahraman
The provisions of the U.S. infrastructure bill stirred up a heated debate, but many of the fears voiced by its critics are misguided.
Senate infrastructure bill isn’t perfect, but could the intention be right?
Bob Reid
Expert Take
Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution.
Get a passport, pay crypto, live tax-free?
Robert W. Wood
The possible new funding would bring the Utah-based crypto tax automation provider to a valuation of $1 billion or above.
Crypto tax startup TaxBit reportedly in talks for unicorn-level funding
Erhan Kahraman
Expert Take
The U.S. Internal Revenue Service appears to be blinded by its own enthusiasm on crypto taxation, instead creating an excessive financial burden.
Crypto staking rewards and their unfair taxation in the US
Jason Morton
Expert Take
Any ransom payments made in cryptocurrency are taxed as property rather than currency, so be aware of the U.S. tax implications.
Are cryptocurrency ransom payments tax-deductible?
Selva Ozelli
John McAfee asserted in an extradition hearing in Spain that the tax evasion charges aimed against him are politically motivated.
'I have nothing': Imprisoned John McAfee claims his crypto fortune is gone
Brian Quarmby
Expert Take
The U.S. authorities are becoming seriously interested in crypto, making unreported crypto more dangerous.
More IRS crypto reporting, more danger
Robert W. Wood

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