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 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
The Internal Revenue Services will seek information from Circle on all U.S. taxpayers who traded at least $20,000 worth of crypto between 2016 and 2020.
IRS authorized to access information on Circle's crypto traders to nab tax cheats
Samuel Haig
Selling or transacting your Bitcoin isn’t worth the tax burden, according to the CEO of Ark Invest.
Cathie Wood: BTC investors shouldn’t transact until tax code changed
Sam Bourgi
There are ways in which a tax on the ultra-wealthy could nudge them toward crypto, but hiding assets is not one of them.
Would a US wealth tax push millionaires to Bitcoin adoption?
Kirill Bryanov
The actions against McAfee by the DoJ and the IRS represent a worrying shift in the view of the U.S. government’s criminal enforcement arm.
The things the DoJ’s latest move against McAfee has taught us
Cal Evans
The United States IRS has clarified that crypto investors who only purchased digital assets using fiat and did not sell during 2020 do not need to report said a...
IRS clarifies reporting requirements for crypto bought with fiat
Samuel Haig
Investing in digital assets can offer a plethora of opportunities, but when the taxman comes, investors best be prepared.
Crypto can be lucrative, but make sure you’re ready for the taxman
Derek Boirun

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