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 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
"Most crypto, virtual currencies are designed to stay off the radar screen," said Charles Rettig.
IRS needs congressional authority to handle crypto, says chief
Turner Wright
Coins earned by staking have been “created” and are untaxable until sold, according to one couple in the United States.
Crypto couple tells court the IRS has no right to tax newly mined coins
Martin Young
This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency.
US lawmaker introduces bill aimed at protecting 'forked assets' from IRS
Turner Wright
Market Update
News that Binance could be under investigation by the U.S. Justice Department and IRS triggered a marketwide sell-off that saw Bitcoin's price drop to $46,000.
Bitcoin drops to $46K, altcoins sell off as report claims Binance is under investigation
Ray Salmond

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