IRS

IRS

IRS Seeks Names of Circle Customers Transacting Over $20K in Crypto

A Massachusetts court is supporting a request from the IRS to obtain the records of Circle customers, the Department of Justice said Thursday.

Policy & regulation  ·  1 April 2021
IRS

IRS Initiates ‘Operation Hidden Treasure’ to Root Out Unreported Crypto Income

“These transactions are not anonymous,” the IRS' national fraud counsel said. “We see you.”

News  ·  7 March 2021
IRS

IRS Says Buying Crypto With Fiat Does Not Trigger Tax Reporting Rules

The IRS has narrowed the breadth of its new crypto reporting question.

Policy & regulation  ·  3 March 2021
IRS

Bitcoin ‘Underperforms’ During Tax Time: Analysis

Bitcoin's price is going down for many reasons including traders who realized gains last year selling to pay their tax bills.

Markets  ·  27 January 2021
IRS

Coinbase Ditches US Customer Tax Form That Set Off False Alarms at IRS

Instead of the troublesome 1099-K form, Coinbase will send the 1099-MISC to users of its interest-bearing products. Regular traders may not receive any forms at all.

News  ·  24 November 2020
IRS

IRS Again Warns Crypto Investors They Under-Reported Gains

For the second year in a row, the IRS is telling crypto investors they under-reported crypto gains. But it may be a false alarm again.

News  ·  24 November 2020
IRS

PayPal’s Crypto Offering May Be ‘a Huge Headache’ for Taxpayers

PayPal opening its network to cryptocurrencies could create a serious tax headache for users.

Policy & regulation  ·  26 October 2020
IRS

Tax Payers Needn’t Disclose Merely Holding Crypto: IRS Draft 2020 Guidance

The U.S. tax agency has clarified who needs to answer "yes" to a question over cryptocurrency activity included in the draft 1040 income tax form.

Policy & regulation  ·  26 October 2020
CoinFlash

IRS May Make It Harder to Avoid Declaring Crypto on Tax Returns

The Internal Revenue Service plans to make all income tax payers check a box indicating whether they have transacted in crypto over 2020.

Policy & regulation  ·  25 September 2020
CoinFlash

Cryptocurrency Earned From Carrying Out Microtasks Is Taxable, Says IRS Memo

The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms and, yes, such income is taxable.

Policy & regulation  ·  31 August 2020
CoinFlash

Bitwage Rolls Out Tax Calculator Tool as IRS Ramps Up Crypto Pressure

The new tool comes as the IRS is sending more letters to crypto investors.

Business  ·  26 August 2020
CoinFlash

IRS, Ignoring Its Own Watchdog, Sends Letters About Crypto Taxes Once Again

Less than a year has passed since the IRS first sent taxpayers cryptocurrency "soft letters."

News  ·  25 August 2020
IRS

US Lawmakers Don’t Want Proof-of-Stake Networks to Get Overtaxed

Four U.S. congressmen have asked the IRS to clarify how block rewards from proof-of-stake networks are taxed, to prevent taxpayers from owing more than they should.

Policy & regulation  ·  4 August 2020
CoinFlash

IRS Seeks Elliptic’s Crypto Tracing Software in Response to COVID-19

President Donald J. Trump invoked the Stafford act in March, authorizing federal agency funding.

News  ·  17 July 2020
CoinFlash

IRS Enlists Coinbase in Latest Crypto Tracing Deal

The tax collector has agreed to pay Coinbase up to $237,000 over the next two years for its "Analytics" tracing software.

News  ·  16 July 2020