Category: IRS

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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