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.

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
Breaking news
The price of Bitcoin and Ether both fell between 3% and 5% as the report spread across social media.
Binance is reportedly under investigation from IRS and Justice Department
Turner Wright
If you’re a cryptocurrency holder with past-due tax debts, your provable holdings may be confiscated by the IRS if you don’t pay back what you owe.
IRS will seize your crypto if you can't pay back taxes
Sam Bourgi
A court in northern California has ordered Kraken to provide information on users who traded more than $20,000 between 2016 and 2020 to the IRS.
Court orders Kraken to provide information on user transactions to the IRS
Brian Quarmby
Expert Take
Are there any pitfalls in NFT taxation according to the current U.S. laws?
NFTs and US taxes: What you should know
Sam Handwerger
Expert Take
The recent John Doe summons developments indicate that the IRS is seriously interested in crypto — better to report than to be audited.
More IRS summonses for crypto exchange account holders
Robert W. Wood
Expert Take
What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations.
The crypto FBAR: Implications beyond
Jason Morton

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