IRS | Crypto Profit Bot

How to navigate cryptocurrency tax implications amidst the CPA shortage

March 8, 2022

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Cryptocurrency is a hot topic worldwide, especially with prices of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies hitting higher thresholds and resulting in another banner year for investors. While the earnings look good on paper, one factor is often left to consider –– that is, crypto taxes. It is not uncommon for traders to take […]

Blockchain forensics is the trusted informant in crypto crime scene investigation

February 26, 2022

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The seizure by the U.S. Department of Justice of $3.6 billion worth of Bitcoin (BTC) lost during the 2016 hack of Bitfinex’s cryptocurrency exchange has all the ingredients of a Hollywood film — eye-popping sums, colorful protagonists and crypto cloak-and-dagger — so much so that Netflix has already commissioned a docuseries. But, who are the […]

Seizure of Bitfinex funds is a reminder that crypto is no good for money launderers

February 26, 2022

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As public understanding of how digital assets work becomes more nuanced along with the mainstreaming of crypto, the language of Bitcoin’s (BTC) “anonymity” gradually becomes a thing of the past. High-profile law enforcement operations such as the one that recently led to the U.S. government seizing some $3.6 billion worth of crypto are particularly instrumental […]

Coinbase users can receive US tax refunds in crypto as part of TurboTax deal

February 3, 2022

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The exchange said users could send the funds to their Coinbase accounts in fiat, or automatically convert it to crypto with no trading fees. 109 Total views 8 Total shares Tax filing platform TurboTax is allowing U.S. filers to get their refunds directly in crypto as part of an arrangement with crypto exchange Coinbase. In […]

US lawmakers reintroduce bill to stop IRS from taxing crypto transactions under $200

February 3, 2022

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House Representative Suzan DelBene, introducing the latest iteration of the bill, said the United States needs to “ensure that our tax code evolves with our use of virtual currency.” 1476 Total views 61 Total shares A bill previously introduced by Washington Representative Suzan DelBene aims to exempt crypto users from paying taxes on transactions under […]

Coinbase, PayPal join TaxBit Network for free crypto tax forms

January 11, 2022

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TaxBit wants to prevent crypto users from spending “thousands of dollars per year” to generate crypto tax forms. 1583 Total views 45 Total shares Crypto tax compliance firm TaxBit is working to unite major industry companies like Coinbase and Binance.US within one network to enable free 2021 tax forms for users. The crypto tax software […]

Here’s why Ethereum traders could care less about ETH’s current weakness

December 18, 2021

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Since hitting an all-time high at $4,870 on Nov. 10, Ether (ETH) price has been posting lower lows over the past 50 days. If this downtrend continues, the lower trendline support suggests that the altcoin will bottom at $3,600. Still, derivatives data is signaling that pro traders are not concerned about the seemingly bearish market […]

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

June 17, 2021

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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 […]

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

May 27, 2021

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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 […]

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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Category: IRS