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Cryptocurrency exchange Coinbase has decided to discontinue sending customers 1099-Ks, the U.S. tax form which led the Internal Revenue Service (IRS) to mistakenly think traders had underreported their gains. The exchange will instead use the 1099-MISC form, at least for customers who earn interest on lending and similar products, it said
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More than 500,000 ETH have been locked and loaded into Ethereum 2.0’s deposit contract, kick-starting the network’s major, multi-year development phase. JPMorgan analysts say institutions are piling into bitcoin. And the IRS has again sent out (possibly erroneous) letters to crypto traders indicating they owe taxes on unrealized gains. Top shelfTaxman
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For the second year in a row, the Internal Revenue Service (IRS) is warning cryptocurrency investors they underreported their holdings. But it may be another false alarm.“Dozens of individuals” recently received notices that they owe taxes on gains from crypto holdings that they did not report when filing in 2018,
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Crypto income taxation is a murky arena at present. It would seem that even the U.S. Internal Revenue Service, or IRS, has a tough time figuring out who owes what, according to Wendy Walker, solution principal at the tax compliance company Sovos. "In the typical tax system, the IRS uses 1099 reporting,"
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The IRS has clarified some questions around crypto disclosures for the upcoming tax season. A popular DeFi application appears to have been attacked. JPMorgan analysts see “considerable” upsides to bitcoin.Top shelfCrypto guidanceThe U.S. Internal Revenue Service has clarified that simply holding cryptocurrencies does not need to be disclosed. A published set
Read MoreFirst announced in September, Monero developers today went live with a network update featuring a new version of its node software, codenamed 'Oxygen Orion.' The product of 30 contributors, the update promises significant improvement across nearly all aspects of the privacy-focused cryptocurrency’s performance. The highlight of the new update is the
Read MoreThe United States Internal Revenue Service has better ways to spend taxpayer dollars than offering bounties to break Monero’s (XMR) privacy, a Monero working group says.After the IRS announced it is offering up to $625,000 to anyone who can break Monero, a major Monero-focused workgroup expressed their take on the
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The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms, and yes, such income is taxable. Source
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The new tool comes as the IRS is sending more letters to crypto investors. Source
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Less than a year has passed since the IRS first sent taxpayers cryptocurrency "soft letters." Source
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