• 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
  • Coinbase is reaching the top. Following a heavy expansion into European territory, the popular Bitcoin firm — which has managed to accumulate over $100 million in four public venture rounds — is now granting its services to users in Canada, the land of maple. Also read: Coinbase Asking for More Information Than Banks? The company explained on its blog: “As part of our effort to make bitcoin easy to use throughout the world, customers in Canada

    Bitcoin Exchange Coinbase Steps into Canada, Eh

    | 2015/09/08 12:00 pm
  • After ruling Bitcoin as an intangible asset just a year ago, the Australian Senate Economics References Committee now feels that Bitcoin should be treated as a regular currency for Goods and Services Tax purposes. This is due to many emerging enterprises leaving Australia for other countries with more progressive cryptocurrency regimes. Also read: Teaching Encryption Soon Illegal in Australia Bitcoin as an Intangible Asset For a long time, Bitcoin had been exempt from taxation in

    Australia Ready to Treat Bitcoin as a Regular Currency

    | 2015/08/07 7:00 pm
  • Aiming to expand in Asia, particularly in the Southeast, the leading exchange platform of digital currencies in Mexico, meXBT, has bought CoinRepublic, a Singapore-based cryptocurrency brokerage firm. Also read: Revealing Bitcoin’s Legality, the ZapChain Summit Despite the fact that there are a limited number of merchants accepting Bitcoin in Southeast Asia, cryptocurrency companies are entering the region to tap what they believe to be a huge potential. The region’s population is twice as large as that

    meXBT Acquires CoinRepublic Expands to Southeast Asia

    | 2015/08/01 3:00 pm
  • On July 29, in an exclusive interview with The New York Observer, Republican presidential candidate Rick Perry offered some insight on his views of Bitcoin for the first time. In the interview, Perry was quoted saying he supports “regulatory breathing-room” for the cryptocurrency. Also read: Rand Paul Vouches for Bitcoin at NY Fundraiser Event In a seemingly populist effort to widen his appeal, the former governor of Texas also paid some lip service to the so-called

    Presidential Hopeful Rick Perry Indicates Support for Bitcoin

    | 2015/07/30 7:00 pm
  • Getting digital currency integrated in our everyday lives is one hurdle we need to overcome as a community. But, on the other hand, we also need to show there is a definite demand for Bitcoin usage in everyday situations, such as buying food, using public transport, etc. Travellers on ACTION buses in Canberra, Australia had the option of using Bitcoin payments through a third-party application called MyBus 2.0. Unfortunately, due to the lack of interest

    MyBus 2.0 In Australia Deems Bitcoin Experiment a Failure

    | 2015/05/13 8:00 am
  • Our society is evolving into a cashless economic infrastructure. Several European countries are trying to discourage people from using cash in order to pay for goods and services. That seems only normal, as cash transactions are a hassle when dealing with change amounts. The list of downsides when dealing with cash transactions is rather lengthy, and if Danish government has any say in the matter, Denmark will become completely cash-free in the near future. Also

    Bitcoin to Play a Key Role in Denmark’s Cash-Free Economy?

    | 2015/05/11 7:00 pm