• The IRS is vigorously pursuing its case against Coinbase as it announces a “reporting gap” where only 0.2% of Coinbase users reported a loss or gain on their cryptocurrency transactions. It’s extremely difficult to get away from the Tax Man. One of the main draws of cryptocurrency for many individuals was the promised anonymity, but for those living in the United States, the IRS is proving to be a tenacious entity. Case in point is

    IRS Not Happy with ‘Reporting Gap’ from Coinbase Users

    | 2017/11/15 7:00 am
  • Bitcoin is being used to do good work. For example, donors are now benefiting from Bitcoin’s versatility by using Bitcoin to make their charitable donations more effectively, with greater transparency, and to enhance tax benefits. Bitcoin is Becoming the Currency for Charity As the Paradise Papers reveal, the powerful have been committing fraud on an unimaginable scale with US dollars and other fiat currencies, not with Bitcoin. Indeed, because of the transparency that its blockchain

    Bitcoin Is Not So Evil After All

    | 2017/11/08 6:16 am
  • Using Bitcoin to buy everyday things, such as a burger, could trigger a tax bill from the IRS due to cryptocurrency being considered property. However, there is potential relief on the way in the form of new legislation. The last few years have seen a meteoric rise in cryptocurrency, which has been quite exciting for a lot of people. National governments have been less excited about Bitcoin and its brethren as they grope to find

    Using Bitcoin to Buy Things Could Trigger IRS Tax Bill

    | 2017/10/22 7:00 am
  • At the Blockchain Global Summit event in Hong Kong, anti-virus pioneer John McAfee said that war between world governments and cryptocurrency has already started. Conflict is an integral part of life. A person struggles to find their way in the world, and businesses compete with one another to earn your dollar and trust. It is in the economic realm where conflict is constant, and the rise of Bitcoin and other cryptocurrencies have led to struggles

    John McAfee Says National Governments are Going to War Against Bitcoin

    | 2017/09/23 11:04 am
  • The IRS is hoping to use the Reactor software by Chainalysis to track Bitcoin movement from wallet to wallet and then to exchanges in order to catch tax cheats. For some peculiar reason, the Internal Revenue Service (IRS) for the United States thinks that people are using Bitcoin in order to cheat on their taxes. However, it must be said that a lot of people do cheat on their taxes every year. The exact amount

    IRS Hopes to Catch Bitcoin Tax Cheats With Blockchain Tracking Software

    | 2017/08/23 8:00 am
  • In what is being heralded as one of the biggest ever victories for the cryptocurrency community, the Internal Revenue Service has decided to considerably limit the scope of its investigation into customers of one of the most popular cryptocurrency exchanges in the country. The Story So Far The latest development in this ongoing battle between Coinbase and the IRS brings as much surprise as it brings relief in the wake of Bitcoin’s slide into Bear

    Coinbase Versus IRS: IRS Concedes The First Round

    | 2017/07/13 1:30 am
  • Taxing times continue at Coinbase as the Internal Revenue Service (IRS) reveals only 800 people report Bitcoin gains on returns annually. IRS: 800 People Per Year Reporting and Falling The exchange and wallet provider is currently facing enforced submission of its transaction records after the IRS went to court earlier this month. In data released as part of the lawsuit, the authority reveals that in 2015 only 802 people reported Bitcoin gains on tax form 8949, and that

    IRS: Only 800 People Reported Bitcoin Earnings Per Year

    | 2017/03/20 6:00 am
  • Mexico’s biggest cash cow is under siege as Donald J. Trump threatens to tax or halt remittances to the country in order to pay for his border wall. Western Union Shares Dive Following Trump’s executive order to start building the southern border wall issued on Wednesday, markets are already taking into account the possibility of a tax on remittances from the U.S. to Mexico. This is already being felt by such remittance giants as Western Union whose shares dropped 2.44% today. As a

    Trump’s Mexico Feud Creating a Perfect Storm for Bitcoin Remittances

    | 2017/01/27 8:00 am
  • Brazilian hotel chain Vert Hotéis now accepts Bitcoin in an effort to connect with the tech-oriented crowd and after multiple customers requested to pay with the cryptocurrency.  Stay in Brazil for Bitcoin In an effort to expand their customer base and to keep up with the growing demand, Vert Hotéis has added Bitcoin to the list of accepted payment methods for three of the hotels managed by the Brazil-based company. Bitcoin is now accepted in hotels Ramada Encore Minascasa,

    Brazilian Hotel Chain Now Accepts Bitcoin After ‘Multiple Requests’

    | 2017/01/25 11:00 am
  • Was getting ready to use the very popular website for online services, Fiverr, yesterday, and discovered they are taking a step back with their business for 2017. The Bitcoin payment option I have been using since 2014 is no more. What’s Fiverr? For the few who do not know, Fiverr is the world’s leading online freelance services website that offers “gigs” provided by vendors for just $5 USD. These gigs range from writing press releases

    Fiverr No Longer Accepts Bitcoin After ‘Purely a Business Decision’

    | 2017/01/23 9:00 am
  • Countries are reiterating tax specifications as Bitcoin becomes increasingly regulated around the globe amid rising price and popularity.  Bitcoin Taken Seriously, Increasingly Regulated Starting the year in the $1,000 USD range, Bitcoin has had an eventful month and January isn’t even over yet! So far, we’ve seen many countries take a new stance on Bitcoin in regard to regulations and taxes. Although this may cause some commotion in the short-term, as seen with the Public

    Bitcoin is Being Increasingly Regulated Across the Globe

    | 2017/01/22 4:00 am
  • Coinbase CEO Brian Armstrong has suggested US cryptocurrency businesses adopt broker-style bureaucracy to achieve a better relationship with the taxman. 1099-B ‘Potential Solution’ to Crypto Tax Woes In a blog post published Saturday, Armstrong argued that the costliness of Coinbase’s current legal battle with the Internal Revenue Service could in future be avoided. “…Coinbase and the IRS have (I believe) a shared goal to ensure all U.S. customers pay their taxes,” he wrote. “I believe

    Coinbase vs IRS: CEO Says Broker Tax Forms ‘Potential Solution’

    | 2017/01/15 7:00 am
  • Two weeks ago, managing partner of Berns Weiss LLP Jeffrey K. Burns filed a motion to set aside the “John Doe” summons against any and all American Coinbase customers. Today, the IRS had an interesting response for Mr. Berns. IRS Counters: Berns’ ‘Motion is Moot’ The Bitcoin community has been somewhat justified in their disturbance over the recent “John Doe” summons against any and all American Coinbase customers a little over one month ago. Thusly,

    The Empire Strikes Back: IRS Counters Coinbase Customer’s Action

    | 2016/12/29 2:30 am
  • Trading volume on peer-to-peer exchanges broke another all-time high in most of South America, Russia, and even in the U.S. South America Following Venezuela According to recent stats, Bitcoin continues to gain popularity presenting itself as a way out from accentuated inflation, demonetization policies and general economic and political uncertainty in troubled countries. Besides Russia (as usual), LocalBitcoins has registered another record week across South America. Countries including Chile, Venezuela, Colombia, and Brazil are all seeing record high

    Venezuela, South America See Record Bitcoin Trading Volume…Again

    | 2016/12/27 8:00 am
  • Editor’s note and technical retraction: The original version of this article published December 2 inaccurately represented comments made by Daniel Winters. We have removed these and updated the article accordingly. We would like to apologize to our readers and hope to clear up any confusion below. Given the recent request by the IRS for cryptocurrency exchange Coinbase to hand over customer information, Bitcoin users should be aware that they’re responsible for determining which transfers are “sales” in their tax reports.  Also

    IRS Sees Bitcoin Transfers as ‘Taxable’ Events [UPDATE]

    | 2016/12/02 6:14 am
  • A Bitfinex bounty, Russia changes its stance on bitcoin, and a rough fate lies ahead for an alleged Silk Road forum operator. Want to catch up on your latest digital currency news? Take a look below. Also read: Industry Report: Bitfinex Forces Customers to Pay for Hack Losses BITFINEX Hong Kong exchange Bitfinex has announced a $3.5 million bounty reserved for anyone who can help in their investigation to uncover the $72 million stolen from

    Industry Report: Big Bounty May Help Bitfinex Get its Money Back

    | 2016/08/15 9:00 am
  • Editor’s note: The original introduction to this article has been replaced with one written by tax accountant Daniel Winters, which corrects some factual inaccuracies in the original.  While the IRS rules have not changed since last year, it’s important to understand how to handle the taxes on Bitcoin transactions since Bitcoin income is not tax free. Accurately reporting taxes for Bitcoin can be tricky since the IRS treats Bitcoin as property, NOT currency.  Since Bitcoin

    Bitcoin Taxes 2016: Accurately Reporting Bitcoin Usage

    | 2016/04/13 11:52 pm
  • There appears to be a new weapon in the battle for divorce by vindictive estranged partners: bitcoin. Yes, it turns out that bitcoin is causing a bit of a stir in the legal community. In many countries wealth isn’t divided equally based on how much a person earns, but how much is contributed to the marriage. An example of this is a man with a hefty income and a wife who acts as a housewife who raises the kids

    Bitcoin and Divorce: A Match Made in Heaven?

    | 2016/04/11 5:32 am
  • The Bloggers’ Club 500 is the latest project from the OBITS and BTSR initiatives, and it has recently reached a significant milestone. The Club reports that it has given out over 100 bitcoin worth of digital currency to its writers, who have contributed to the Club. Disclaimer: This article was provided by Bitcoin PR Buzz. Bitcoinist is not responsible for the firms represented by Bitcoin PR Buzz and is not responsible for their products and/or

    Bloggers’ Club 500: 11 Bitcoins Paid out so Far

    | 2016/03/08 3:00 pm
  • Arlington, VA – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company which secures the blockchain through its transaction verification services business, and Spondoolies-Tech Ltd. (Spondoolies), an Israeli transaction verification server manufacturer, received merger approval from the Israeli Office of Chief Scientist (“OCS”). Disclaimer: This is a press release. Bitcoinist is not responsible for this company’s products and/or services. Spondoolies and BTCS to Merge The OCS approval is one of two key

    Spondoolies Tech Gets Approval for BTCS Merger

    | 2016/02/26 3:25 pm
  • Tax evasion is a real threat to the global economy, and the biggest culprits are large corporations abusing loopholes to avoid paying taxes. According to research estimates, a total of US$240 billion worth of taxes is not being paid by corporations all over the world. Such a vast sum of money could do a lot of good all over the world, and it is time these practices come to an end. Also read: Bitcoin in

    Ending Corporate Tax Evasion – Impact On Bitcoin Companies?

    | 2015/10/08 12:24 pm
  • A recent article from the media site El Universal has incorrectly espoused that Bitcoin is now banned in Mexico per a recent decision by the Mexican Tax Administration Services (SAT). The Mexican SAT, the equivalent of the United States IRS, has not banned Bitcoin. Instead, it has merely clarified that the existing bans on large transactions using cash (heinous in and of themselves), also apply to Bitcoin. Also read: Snoop Dogg Learns One Reason Why

    There Is No Bitcoin Ban In Mexico

    | 2015/09/28 4:03 pm