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Viva La Crypto • November 20-21, 2018

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Tag: IRS

American College Student Collects $400,000 in Tax Liability from $5,000 Crypto Investment

Category: Altcoins, Bitcoin, Business, Exchange, Finance, Investment, News, Regulation

American College Student Collects $400,000 in Tax Liability from $5,000 Crypto Investment

On November 2, 2018, a Reddit user submitted a post to the /r/tax subreddit claiming that they were stuck in a somewhat precarious proposition with their taxes. Crypto-to-crypto trades: Taxable events The individual, an American college student, said that they decided to start dabbling in cryptocurrency investments sometime in early 2017 after hearing about the market’s growth potential from a…

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Congressmen Demand IRS Design Legal Framework for Cryptocurrencies

Category: Altcoins, Bitcoin, Finance, News, Regulation

Congressmen Demand IRS Design Legal Framework for Cryptocurrencies

Since bitcoin’s first appearance, regulators have shown their concerns and tried to level the rules concerning virtual currency adequately. However, these rules are far from clear, and now financial regulators are urging the IRS to draw a solid framework for virtual currencies according to September 19, 2018, reports. Swift Update to Opaque Tax Guidelines According to IBTimes, at least five…

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IRS Considering Tax Guidance for Hard Fork “Hodlers”

Category: Bitcoin, Blockchain, Business, Finance, Investment, News, Regulation

IRS Considering Tax Guidance for Hard Fork “Hodlers”

Over the past two years, there have been many airdrops, hard forks, scam coins and other events. As investors scramble to participate in these events, CPA’s and tax professionals are struggling to keep up with the rules and regulations. The tax man always needs their due, and the failure to report and pay taxes has brought down many high profile…

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Tax Evasion: Bitfinex Cryptocurrency Exchange Set to Give Out Customer Data to Government

Category: Altcoins, Bitcoin, Finance, News, Regulation

Tax Evasion: Bitfinex Cryptocurrency Exchange Set to Give Out Customer Data to Government

Its stale news that world governments are finding it a herculean task getting cryptocurrency investors to pay their taxes. In the latest development, the fourth largest crypto exchange in the world, Bitfinex, is now working hand-in-hand with the government of the British Virgin Islands in a bid to clamp down on bitcoin tax evaders. Bitfinex Tax Office In a notice…

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Majority of Americans Yet to Declare Cryptocurrency Gains as Tax Filing Deadline Draws Near

Category: Bitcoin, Business, Finance, News, Regulation

Majority of Americans Yet to Declare Cryptocurrency Gains as Tax Filing Deadline Draws Near

With the U.S. tax filing deadline less than a week away, many Americans are yet to declare their cryptocurrency gains. According to the data released by Credit Karma on Friday, April 13, 2018. Less than 100 out of the first 250,000 tax filings via the Credit Karma platform have reported cryptocurrency-based earnings. In a recent survey conducted by TechCrunch, it…

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Two Futurists Believe Cryptocurrencies Will Replace National Currencies in 2030

Category: Altcoins, Bitcoin, Commentary, News, Tech

Two Futurists Believe Cryptocurrencies Will Replace National Currencies in 2030

Ever since bitcoin first came to the fore nearly a decade ago, futurists have been fascinated as to what the future may look like if cryptocurrencies are adopted on a mass scale. Convincing a New Generation of Investor For the general public, they may not have much of a grasp as to the many benefits and pitfalls associated with cryptocurrencies….

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U.S. Bitcoin and Cryptocurrency Taxes Demystified

Category: Altcoins, Bitcoin, Commentary, Regulation

U.S. Bitcoin and Cryptocurrency Taxes Demystified

Bitcoin had a sterling performance in 2017, as the cryptocurrency effortlessly made new highs almost on a weekly basis. However, cryptocurrency enthusiasts have been dancing to an entirely different crypto tune this year. Specifically, the U.S tax authorities will no longer tolerate crypto-tax evasion. Henceforth, every bitcoin and other crypto transaction will be taxed by the United States Internal Revenue…

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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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