In a contentious ongoing case between the IRS and Coinbase, a user of the exchange was granted the right to contest the governmental agency’s sweeping call for private information. In a scathing 12-page report, A Federal Judge has said that the Internal Revenue Service’s desire to exclude those affected by the probe into Coinbase “makes no sense”. Magistrate Judge Jacqueline Corley added that the scope of information the IRS is seeking is unprecedented and ridiculous.
Tag Archive: Bitcoin Taxation
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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
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Coinbase may have “won” part of its battle to keep its transaction records away from the US Internal Revenue Service (IRS). ‘Narrowing’ The ‘Overly Broad’ IRS Request According to multiple reports this week and last, the wallet and exchange’s ongoing battle with the regulator could have finally swung in its favor. According to The Recorder, a legal site that reported on the hearing: DOJ trial attorney Amy Matchison said at a court hearing before U.S.
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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
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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