• After fighting the IRS in court, popular digital currency marketplace Coinbase has been ordered by the Northern District of California to turn over more than 10,000 users’ personal information and trade history — but it could have been much worse. The Taxman The Beatles once sang: If you drive a car, I’ll tax the street, If you try to sit, I’ll tax your seat. If you get too cold, I’ll tax the heat, If you

    Coinbase Gives IRS More Than 10K Users’ Information

    | 2018/02/24 9:30 am
  • Until quite recently, most cryptocurrency investors either did not know or did not care to pay taxes on the capital gains they accumulated buying and selling digital coins. The cryptocurrency community is now facing a hard truth: they have to pay taxes just like all the rest of us. [Editor’s note: This is a guest article by Mario Costanz, CEO of Crypto Tax Prep] Virtual currencies exploded onto the investment scene last year, due in

    The New Normal: Cryptocurrency Goes Mainstream This Tax Season

    | 2018/02/18 7:30 am
  • As cryptocurrency investors continue to see gains, it appears they’re also continuing to stay quiet about their earnings to avoid taxation from the IRS. Where are the American Crypto Taxpayers? With roughly a month and a half left until the April 17th tax filing deadline, the IRS has reportedly only received 18.3 million individual tax returns so far, 13% of the total expected. Although it is still early in the tax season, it appears as though

    IRS Stymied Over American Cryptocurrency Traders’ Reluctance to Report Earnings

    | 2018/02/14 9:00 pm
  • Canada has unveiled a government Blockchain identity prototype while declining to change Bitcoin tax rules at the World Economic Forum (WEF) 2018. ‘We Don’t Plan Any Overhaul’ – Finance Minister As multiple sources report Monday, the country’s finance minister, Bill Morneau, said the government “has no plans” to change tack on how cryptocurrency is treated under Canadian tax law. “We don’t have any specific Bitcoin or cryptocurrency overhaul,” he told Bloomberg on the fringes of

    Canada: ‘No Tax Changes’ For Bitcoin As Govt. Unveils Blockchain ID Scheme

    | 2018/01/29 10:15 am
  • Each country has its own systems for tax evaluation and collection, and some countries are stricter than others. One of the major issues governments have with cryptocurrencies is the difficulty in taxing profits made on trading. The United Kingdom’s HMRC (Her Majesty’s Revenue and Customs department) found this out the hard way. Finance experts have warned that a loophole which reduces crypto gains to zero can be exploited on tax returns in the UK. It

    Tax Loophole Found for UK Crypto Profits

    | 2018/01/21 9:00 am
  • At least two US institutions have requested that the IRS propose a definitive structure for taxing cryptocurrencies in the country. As authorities see the lucrative appeal of virtual currencies, they also see that they can benefit from this wealth in some way, specifically through taxing crypto holders. However, even though cryptocurrencies may only have been thrust into the mainstream spotlight last year, taxation queries are not as recent. According to CNBC, Tyson Cross, a US-based tax

    Internal Revenue Service (IRS) Asked to Provide a Clearer Cryptocurrency Tax Framework

    | 2018/01/20 5:00 pm
  • Blockchains and cryptocurrencies are here to stay, and banks and governments are concerned. With the momentum that the budding markets have built in recent months, digital assets like Bitcoin, Ethereum, Litecoin, and Ripple have become household names. However, crypto regulation does not necessarily have to mean prevention if it can be approached in the right way. In recent weeks, news has emerged of steps concerning crypto regulation taking place across the world, most significantly in

    Why Crypto Regulation Should Not Mean Prohibition

    | 2018/01/15 4:30 am
  • Russian civil servants will not need to declare cryptocurrency gains in this year’s income tax report, the government has suggested. Russia Still Lacks Legal Framework For Tax Analyzing the yearly recommendations for income tax declaration from the country’s Ministry of Labor and Social Protection, sources claim that government workers’ profits from cryptocurrency can be left out altogether. The annual reporting period for 2017 comes at a time when Russia is still developing hard-and-fast legislation for Bitcoin

    Russian Ministry of Labor: No Tax on Bitcoin for Government Officials

    | 2018/01/11 11:45 am
  • The government of Australia is eyeing crypto traders as it establishes a taskforce to ensure tax compliance. If there’s one thing that’s near and dear to the hearts of national governments, it’s taxes. The gathering (and spending!) of revenue is what keeps the wheels of government turning. Of course, some cynical folks would say spending taxpayer money ensures that palms are greased and votes are bought. No matter the case, governments frown at any attempt

    Australia Creates Tax Taskforce to Monitor Crypto Traders

    | 2018/01/10 10:00 am
  • South Korea cryptocurrency exchanges have submitted a legal challenge to the government claiming its new restrictions are “unconstitutional.” Law Firm: Govt. Is ‘Devaluing’ Virtual Currencies As local news outlet Korea Times reports today and Wednesday, Seoul-based law firm Anguk Law Offices has filed a complaint on behalf of a group of investors and exchanges, and is “preparing follow-up appeals.” South Korea enacted restrictions last month as Bitcoin and altcoins shot up in value. Among them,

    Official Complaints Say Korea Trading Restrictions Are ‘Unconstitutional’

    | 2018/01/04 2:30 pm
  • The new U.S. tax code amends IRC Section 1031 (a)(1) regarding “like kind exchanges,” excluding all cryptocurrencies from a previous legal loophole and making all cryptocurrency trades a taxable event. On Friday morning, U.S. President Donald Trump signed a new tax bill into law, signalling the first major tax overhaul in the U.S. in over 30 years. And while you may or may not have high praise for the bill, one thing is certain: the new

    Cryptocurrency Investors Lose Major Tax Break Under New U.S. Tax Code

    | 2017/12/25 3:30 pm
  • The South African Revenue Service (SARS) is showing a keen interest in monitoring crypto trading in the country through blockchain-based technology. SARS has a fickle relationship with the people of South Africa, which is quite common between the average person and the tax man. South African citizens have to submit a (hopefully) true and honest financial declaration, which could result, depending on the information given, in said citizens paying SARS a certain amount of money. However,

    South African Revenue Service Has Their Eye on Your Bitcoins

    | 2017/12/15 5:30 pm
  • With reports claiming that Asian traders are responsible for the bulk of the upward price action in Bitcoin and altcoins, it comes as no surprise that their governments want to gain some control of the runaway markets. With South Korea reportedly accountable for over a quarter of the global trade in crypto currency, its government is considering taxing cryptocurrencies. The average citizen can partake in this feverish market, and South Koreans are taking to cryptocurrencies

    South Korea Mulls Crypto Tax

    | 2017/12/13 12:00 pm
  • As Bitcoin and other cryptocurrencies continue to rise in both value and popularity, national governments are starting to scrutinize them more. Case in point is that the Trump administration may be considering regulating Bitcoin. The last year has been an exciting one for cryptocurrency, especially Bitcoin. The digital currency has skyrocketed in value, with no telling how high it will go. The success of Bitcoin has finally convinced major financial institutions to come on board,

    Trump Administration Considering Regulating Bitcoin

    | 2017/12/02 1:00 am
  • As Bitcoin breaches fresh all-time highs, compliance with the tax authorities becomes a confusing, yet key, priority for anyone booking profits.  The Tax Man Cometh With Bitcoin having broken the $10,000-mark yesterday and currently sitting just shy of that level as of the start of play on Thursday, many holders will be considering cashing out some of their portfolios and converting it to fiat so as to book profits on their longer-term coins. Sure, the longer term hodlers

    Libra Just Made It Easier For Exchanges To Remain Tax Compliant

    | 2017/11/30 3:45 pm
  • 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