Category: IRS

‘I have nothing’: Imprisoned John McAfee claims his crypto fortune is gone

June 17, 2021

Crypto Nanobot 0

John McAfee asserted in an extradition hearing in Spain that the tax evasion charges aimed against him are politically motivated. 7702 Total views 16 Total shares Software antivirus pioneer John McAfee has told his one million Twitter followers that his entire crypto fortune is gone — although he concedes not everyone will believe he’s telling […]

Continue Reading

Crypto couple tells court the IRS has no right to tax newly mined coins

May 27, 2021

Crypto Nanobot 0

Coins earned by staking have been “created” and are not taxable until sold according to one couple in the U.S. 8013 Total views 22 Total shares A couple investing in crypto have claimed that coins gained by mining or staking are not taxable until sold, in a complaint filed to federal court.  The Tennessee couple […]

Continue Reading

NFTs and US taxes: What you should know

April 24, 2021

Crypto Nanobot 0

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 […]

Continue Reading

More IRS summonses for crypto exchange account holders

April 18, 2021

Crypto Nanobot 0

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 […]

Continue Reading

The crypto FBAR: Implications beyond

April 17, 2021

Crypto Nanobot 0

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 […]

Continue Reading

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

March 10, 2021

Crypto Nanobot 0

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 […]

Continue Reading

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

February 10, 2021

Crypto Nanobot 0

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 […]

Continue Reading

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

January 7, 2021

Crypto Nanobot 0

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 […]

Continue Reading

SEC vs. Ripple: A predictable but undesirable development

December 27, 2020

Crypto Nanobot 0

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 […]

Continue Reading

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

December 19, 2020

Crypto Nanobot 0

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 […]

Continue Reading