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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..

IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks

News United States Internal Revenue Service (IRS) Criminal Investigation Chief John Fort said that the regulator is looking into potential tax issues caused by Bitcoin (BTC) ATMs and kiosks. According to Bloomberg Law on Nov. 15, Fort said that the IRS is collaborating with law enforcement to inve..

IRS: Like-Kind Tax Exemption Has Never Applied to Crypto Transactions

News The like-kind exchange tax exemption is not applicable to cryptocurrency transactions, according to the United States Internal Revenue Service (IRS). An official at the IRS Office said that U.S. taxpayers have never been authorized to postpone paying tax as part of the like-kind exchange pri..

Her Majesty the Queen Rules Out Crypto as Currency

Expert Take Only a few weeks after the United States Internal Revenue Service published new guidance for crypto taxation, the United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue and Customs, has updated its cryptocurrency taxation policy paper for businesses and individuals..

BitMEX Email Data Leak Fallout Is Serious, Many Users Already Affected

Follow up On the first day of November, it came to light that popular crypto derivatives exchange BitMEX had accidentally leaked sensitive data related to its users, which occurred as a result of the company failing to apply a blind copy protocol to its mass mail servers. The lapse was acknowledge..

New IRS Tax Guidance Targets Crypto, and US Persons Who Use It

Expert Take On Oct. 9, 2019, the United States Internal Revenue Service issued Revenue Ruling 2019-24 and a series of frequently asked questions, identifying rules governing U.S. taxation of digital currencies. Taxation in the U.S. is unbelievably complex, but the new IRS guidance takes a step-by-..

New IRS Guidance: How to Report Crypto Assets Accurately

Expert Take The United States Internal Revenue Service (IRS) is continuing to focus its efforts in cryptocurrency. After sending a recent enforcement letter, the IRS has released two new pieces of guidance for taxpayers who engage in transactions involving digital currency. The new guidance includ..

Crypto IRS Audits: Hire Professionals or Do it Yourself?

Expert Take Do it yourself or outsource it? Rightly or wrongly, most people seem to fear the IRS, and an IRS audit can be daunting, even if it is entirely by correspondence. Most considerations are arguably the same in many different kinds of tax audits. However, crypto tax matters can be even mor..

US IRS Adds Question on Crypto Usage to New Income Tax Form Draft

News The United States Internal Revenue Service (IRS) has added a question on crypto ownership to the standard 1040 income tax form for the coming tax season. IRS wants to know about your crypto in 2019On Oct. 11, a draft of the “Additional Income and Adjustments to Income” section of the new 1040..

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