Cryptocurrency Analysis and News Portal
Bitcoin investor Jim Harper has sued the U.S. Internal Revenue Service (IRS), its commissioner, and a number of federal agents. He alleged that they unlawfully seized his private financial information from three cryptocurrency exchanges.Bitcoin Investor vs. IRSBitcoin investor Jim Harper has filed a lawsuit against IRS Commissioner Charles P.
Read More
The Internal Revenue Service (IRS) has won a case in which it demanded that a Maryland couple liquidate their bitcoin to pay-off a $1.1 million tax debt.Alexander and Laura Strashny proposed to the IRS to pay their 2017 tax liability, generated from non-crypto activities, in installments over a six-year
Read More
The United States Internal Revenue Service (IRS) is reportedly soliciting third-party contractors to assist with calculations of cryptocurrency users’ transactions. Crypto tax software firm CryptoTrader.Tax publicly shared details of a letter it claims to have received from the IRS on May 12, together with an accompanying Statement of Work. The latter has
Read More
Many investments these days seem volatile, but there are few asset classes that have been as volatile as crypto. If you have losses, you might have trouble claiming them, offsetting gains or reducing your income. In fact, asking if you have tax losses or even expecting some sounds like a
Read More
With the 2019 tax season upon us, the IRS is leaving nothing off the table. Cryptocurrency holders are looking for ways to avoid reporting failures on their returns, and the agency has noticed.According to a Feb. 19 report by Bloomberg Tax, the IRS has invited cryptocurrency companies and advocates
Read More
The Internal Revenue Service has invited a number of undisclosed crypto startups to a summit on March 3 to discuss its existing approach to taxing cryptocurrencies as well as enforcement efforts, according to a copy of the invitation obtained by CoinDesk. The summit, to be held at IRS's Washington, D.C.
Read More
The IRS mistakenly classified in-game currencies as taxable for months. It removed this classification almost immediately after reports went live. This mistake hints at a dystopian future for in-game currencies. Imagine a world where not only your real-life purchases were taxed but also your in-game ones, like Fortnite’s V-bucks. We caught a little
Read More
The Internal Revenue Service (IRS) should – but won't – clarify how taxes are levied on cryptocurrencies and cryptocurrency transactions in the U.S., the government’s top auditing institution said Wednesday.The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report in response to a request from Rep. Kevin Brady
Read More
Expertly analyzing the recent crypto tax guidance issued by the IRS, members of the Congressional Blockchain Caucus – a a bipartisan group of members from Congress of the United States established to advance cryptocurrency and blockchain technology – penned down a detailed letter, exposing some of the flaws of these
Read More
Eight members of the United States (U.S.) Congress sent a letter to the Internal Revenue Service (IRS) urging the agency to provide additional clarity on cryptocurrency tax laws. A letter dated Dec. 20, signed by eight U.S. Congress members, stated:“We wrote in April of this year urging the issuance of
Read More