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Crypto Tax Reporting Failures Can Be Expensive, Even Criminal

Opinion The Internal Revenue Service is aware that millions of cryptocurrency transactions may still remain unreported. Taxpayers may think they will not be caught, and many Coinbase users may have thought their information would be protected until the John Doe summons proved otherwise. The best w..

Tax Compliance Firm TaxBit Raises $5M to Improve Crypto Tax Reporting

News TaxBit, a crypto-oriented tax compliance firm, has raised $5 million in a seed round that saw participation from the Winklevoss twins’ family office, Winklevoss Capital. In a Jan. 6 announcement, TaxBit said that it plans to use the raised funds to enhance its software products on an internat..

Around the World in 2019 — A Landmark Year for Crypto Taxation

New Year Special 2019 was, without a doubt, a milestone for crypto taxation. Countries around the world realized cryptocurrencies are here to stay and adjusted their crypto tax policies as a result. This year alone, several countries have been busy establishing and amending crypto tax legislation...

8 Congress Reps Send Letter to IRS Urging Further Crypto Tax Clarity

News 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..

Accounting Advisor and Crypto Startup to Jointly Launch Crypto Tax Tool

News Accounting advisor CPA.com and cryptocurrency accounting automation startup Lukka partnered to jointly launch a crypto asset tax preparation tool. CPA.com announced the partnership with Lukka in a press release published on Dec. 9. Per the release, the “LukkaTax for Professionals” crypto asse..

If Bitcoin Price Drops — an Opportunity for Crypto Tax Planning

Expert Take After many countries around the world such as the United States, the United Kingdom, France, and Portugal published their own cryptocurrency tax guidelines this year, it is only reasonable they will expect to see an increase in crypto tax filing. They may even follow suit with the U.S...

IRS Not Infringing Privacy Requesting Crypto Exchange Data: US Judge

News A California federal court has affirmed the validity of the United States Internal Revenue Service’s (IRS) request for data from crypto exchange Bitstamp in connection with an individual tax reporting case. Per a Nov. 25 filing, the court has found that five of the six arguments presented aga..

Missouri Firm Launches New Software For Reporting Crypto Taxes

News Missouri-based software maker CryptoTrader.Tax has launched a new product facilitating cryptocurrency tax reporting. As the 2019 tax year comes to an end, the software is designed to help firms, certified public accountants and professionals counsel their clients about reporting their taxes f..

IRS Laughs Off Coinbase User’s ‘Surveillance Conspiracy’ in Tax Reporting Case

News The United States Internal Revenue Service (IRS) has argued that its summons on major American crypto exchange Coinbase is indeed legitimate in a recent filing. Per a Nov. 15 filing, the U.S. tax agency told a California federal court that its investigation of Coinbase customer William Zietzk..

IRS Looks to Crackdown on Bitcoin ATMs as ATM Count Surpasses Milestone

To many of our readers, Bitcoin automated teller machines (ATMs) may seem like gimmicks — cryptocurrency on-ramps/off-ramps that are only used scantly by so-called “newcoiners,” or those looking to avoid the pitfalls of centralized exchanges. Though, these machines have done well — so well, in fact..

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