Category: IRS

NFTs and US taxes: What you should know

April 24, 2021

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Seems like we now all have stories starting with, “What I did during the pandemic…” Most begin with cleaning out the closet and, hey, guess what? That’s where my story starts, but I bet you can’t guess where it ends! Let’s start with what I found in that closet: family photos before the days of […]

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More IRS summonses for crypto exchange account holders

April 18, 2021

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The United States Internal Revenue Service has been hunting crypto vigorously for more than five years now, and the pace is getting faster. A couple of decades ago, the IRS was after offshore accounts, and that effort was among the most successful in the IRS’ history. Now, it’s crypto the IRS is after, and there’s […]

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The crypto FBAR: Implications beyond

April 17, 2021

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The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice states that FinCEN intends to amend its regulations concerning the reporting of foreign financial accounts to include digital currency as a type of reportable account.  In […]

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The things the DoJ’s latest move against McAfee has taught us

March 10, 2021

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Earlier this month, antivirus pioneer John McAfee was officially charged by the United States Department of Justice on seven counts of fraud and money laundering. These charges have been filed with respect to his activities in the crypto space from 2017 to 2020. It could be some time before McAfee actually has to face these […]

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Bitcoin core non-profit gets approved for tax exemption, perks for donors

February 10, 2021

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501(3)(c) status boosts the project’s legitimacy as well as its efficiency in using donations. 1845 Total views 10 Total shares A new non-profit aiming to fund Bitcoin development education and research has been approved for special tax status, conferring benefits on donors. Brink, which launched in the fall, has been approved as a 503(c)(3) organization […]

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US crypto firms invest in tax solutions as IRS updates reporting forms

January 7, 2021

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Coinbase Ventures, PayPal Ventures and Winkelvoss Capital have all invested in cryptocurrency tax automation software provider TaxBit. 3064 Total views 17 Total shares United States regulators are continuing to fine-tune their tax reporting requirements for cryptocurrency users. A second draft of Form 1040 from the Internal Revenue Service for the 2020 tax season published online suggests […]

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SEC vs. Ripple: A predictable but undesirable development

December 27, 2020

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The U.S. Securities and Exchange Commission has not been kind to crypto in the past year. In March 2020, in the SEC v. Telegram case, the Commission won a worldwide injunction against the proposed issuance of Grams by Telegram, undoing years of innovative work even in the absence of any allegations of fraud. Then, on […]

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Tax justice for crypto users: The immediate and compelling need for an amnesty program

December 19, 2020

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The United States Internal Revenue Service is blinded by its desire to defeat cryptocurrency. It rushes to enforcement without first thinking how best to get there. It has spent millions of taxpayer dollars training its personnel and procuring private contractors to uncover noncompliance by crypto users. The IRS is arming its people to aggressively enforce […]

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U.S. law firm says IRS is coming after Coinbase users who evade taxes

November 11, 2020

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Once an IRS investigation or audit is opened, it’s too late to make amends, warn tax lawyers. 4172 Total views 69 Total shares The Tax Law Office of David W. Klasing, a boutique Californian tax firm, has issued a public release warning investors that the United States Internal Revenue Service is getting serious with Coinbase […]

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Winklevoss’ Gemini exchange to count crypto taxes in real time

October 29, 2020

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TaxBit’s tool will allow Gemini customers to increase their tax refund. 2176 Total views 44 Total shares American cryptocurrency exchange Gemini is partnering with tax compliance firm TaxBit to help its customers treport their crypto taxes with TaxBit’s Tax Center Suite solution. Tyler Winklevoss, CEO of Gemini exchange, said that TaxBit’s software will help reduce […]

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