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Tag: IRS

The IRS Hopes to Combat Bitcoin Tax Evasion with Tracking Software

Category: Bitcoin, Finance, News, Regulation

The IRS Hopes to Combat Bitcoin Tax Evasion with Tracking Software

Bitcoin’s anonymity or rather, the lack thereof, has become a major talking point in the Bitcoin community and a focus of investigation for law enforcement agencies as well as, as it turns out, the taxman. According to a report by The Daily Beast, the US Internal Revenue Service (IRS) has contracted the blockchain start-up Chainalysis Inc. to use their bitcoin…

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Coinbase and the Evolving Crypto Taxation Landscape

Category: Bitcoin, Interviews, News, Regulation

Coinbase and the Evolving Crypto Taxation Landscape

Further reflecting the ongoing uncertainty around today’s cryptocurrency tax environment, newly released court documents appear to reveal the intention of the U.S. Internal Revenue Service (IRS) to more narrowly focus its investigation in its ongoing saga on obtaining user information from Coinbase. According to the July 6 notice, the IRS is only going to be seeking records on users who…

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The Taxing Coinbase-IRS Dilemma: And Now, 1099-B Reporting?

Category: Bitcoin, Business, News, Regulation

The Taxing Coinbase-IRS Dilemma: And Now, 1099-B Reporting?

“The 1099-B solution being suggested by Coinbase CEO Brian Armstrong isn’t going to help matters unless they are dealing solely with investors who keep their assets within the Coinbase ecosystem. As soon as a customer removes bitcoin from Coinbase, you have to track the valuation changes along the way.” Perry Woodin, CEO of Node40 It goes without saying that the…

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Coinbase CEO Asks IRS For Reasonable Agreement

Category: Bitcoin, Finance, News, Regulation

Coinbase CEO Asks IRS For Reasonable Agreement

Brian Armstrong, CEO of prominent bitcoin exchange and wallet platform Coinbase, firmly believes the Internal Revenue Service (IRS) provided an unfair assumption that the majority of Coinbase users are evading taxes. Armstrong and his team are asking the IRS for a more reasonable agreement and an alternative approach in dealing with the matter. In late 2016, the IRS sent Coinbase…

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Judge Ruling May See Coinbase Hand Over Client Data to IRS

Category: Bitcoin, News, Regulation

Judge Ruling May See Coinbase Hand Over Client Data to IRS

Users of Coinbase may have their identities and personal information handed over to the IRS thanks to the ruling made in a federal court in the Northern District of California. While the request was made early November 2016, it was only granted on November 30. Case No. 3:16-cv-006658-JSC was set into motion by the IRS on the basis that some…

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IRS Summons Coinbase, but the Bitcoin Exchange Fights Back

Category: Bitcoin, News, Regulation

IRS Summons Coinbase, but the Bitcoin Exchange Fights Back

Following a summons from the Internal Revenue Service (IRS) to bitcoin exchange Coinbase to reveal customer information, the firm has enacted stiff opposition to the request. The US tax authority requested information on all of Coinbase’s customers who bought bitcoin between 2013 and 2015. Pointing to just three instances of tax evasion through the use of bitcoin, an IRS agent…

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IRS Report Validates Bitcoin as a Common Method of Exchanging Value

Category: Bitcoin, Finance, News

IRS Report Validates Bitcoin as a Common Method of Exchanging Value

A new report by the IRS has many Bitcoin users concerned right now. According to the document, there is no clear plan in place to address bitcoin taxation, should that ever become a factor. It is evident there are still a lot of misconceptions surrounding Bitcoin and the lack of coordination between different branches of the IRS is not helping…

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