#IRS News

IRS: Cryptocurrency is a Property & Swaps are Taxable

U.S. Bitcoin and Cryptocurrency Taxes Demystified

February 1, 2018 by Ogwu Osaemezu Emmanuel at Altcoins, Bitcoin, Commentary, Regulation

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...

The IRS Hopes to Combat Bitcoin Tax Evasion with Tracking Software

August 23, 2017 by Alex Lielacher at Bitcoin, Finance, News, Regulation

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...

Coinbase and the Evolving Crypto Taxation Landscape

July 14, 2017 by Michael Scott at Bitcoin, Interviews, News, Regulation

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...

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

January 31, 2017 by Michael Scott at Bitcoin, Business, News, Regulation

"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...

Coinbase CEO Asks IRS For Reasonable Agreement

January 18, 2017 by Joseph Young at Bitcoin, Finance, News, Regulation

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...

Judge Ruling May See Coinbase Hand Over Client Data to IRS

December 2, 2016 by Nigel Dollentas at Bitcoin, News, Regulation

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...

IRS Report Validates Bitcoin as a Common Method of Exchanging Value

November 10, 2016 by JP Buntinx at Bitcoin, Finance, News

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...

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