Tag Archive: IRS

• Bitcoin, Bitcoin Regulation, Bitcoin Taxes, Interviews

  Tax Attorney: Blockchain Immutability ‘Does Make The IRS Smile’ (Interview)

  Bitcoinist spoke with Alexander Stern, legal attorney and founder of Attorney IO, to unpack the complexities related to Bitcoin and cryptocurrencies taxes, potential loopholes for users, and how the IRS can easily track individuals using Bitcoin compared to fiat currencies.  The fact that a lot of this is on a blockchain (and cannot be tampered with) does make the IRS smile. – Alexander Stern Bitcoinist: First, how and for how long has your law firm

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  Allen Scott · April 20, 2018 · 4:30 pm
• Bitcoin, Bitcoin Taxes, News, News teaser

  Crypto Investors Could Inadvertently Commit ‘Potential Felony,’ Tax Expert Says

  As tax day rapidly approaches, there’s no lack of uncertainty amongst tax professionals regarding cryptocurrency investors purchasing digital assets through foreign exchanges. Regardless of the government’s seemingly straightforward legislative position, ambiguity continues to riddle the field when in-depth analysis is made. What Does the Law Say? The IRS has clearly outlined that transacting with cryptocurrency is treated the same as transacting with property and, consequently, taxes on capital gains are to be paid at the

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  Georgi Georgiev · April 10, 2018 · 6:00 am
• Altcoin News, Bitcoin, Bitcoin Investment, Bitcoin Taxes, News, News teaser

  ‘They’ll Never Catch Me’ 52% of People Say About Paying Crypto Taxes

  A recent poll on Twitter held amongst more than 7,500 people showed the abrogating reaction of the majority when asked about the way they handled their taxes associated with crypto investing and trading. Only a fifth of the participants revealed that their taxes are already filed and paid. Catch Me If You Can A cryptocurrency taxes poll posted on Twitter on April 1st quickly caught up to speed with more than 7,500 people already taking

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  Georgi Georgiev · April 2, 2018 · 1:00 pm
• Altcoin News, Bitcoin Taxes, News, News teaser

  The IRS Says Crypto is Currency, Warns Against Tax Evasion

  The Internal Revenue Service (IRS)  — the United States’ tax collection agency who administers the Internal Revenue Code enacted by Congress — once again provided taxpayers with a friendly reminder that income from virtual currency transactions is reportable on their income tax returns. The Taxman Issues a Warning On Friday, the IRS shared a reminder of the tax rules regarding cryptocurrency transactions on the agency’s official website. The notice explains that cryptocurrencies — also known as

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  Adam James · March 24, 2018 · 10:00 am
• Altcoins, Bitcoin, Legislation, News, News teaser

  G20 Set to Determine if Cryptocurrencies Should be Defined as Assets

  Cryptocurrencies, or at least defining the term, seem to be a hot topic at the current G20 summit. In fact, it seems that the group is pushing to define them as assets and not currencies at all. According to Bloomberg, this will be discussed on Tuesday. However, a draft statement shows that the group believes that cryptocurrencies “lack the traits of sovereign currencies”, and therefore should not be referred to as such. Klaas Knot, who

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  Nikita Blows · March 20, 2018 · 9:00 pm
• Bitcoin Exchange, Bitcoin Taxes, News, News teaser

  Coinbase Gives IRS More Than 10K Users’ Information

  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

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  Adam James · February 24, 2018 · 9:30 am
• Altcoin News, Bitcoin, Bitcoin Taxes, News, News teaser

  IRS Stymied Over American Cryptocurrency Traders’ Reluctance to Report Earnings

  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

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  Patrick Smith · February 14, 2018 · 9:00 pm
• Bitcoin, Bitcoin Regulation, News, News teaser

  Does the IRS Fear Bitcoin?

  An op-ed in the New York Times theorizes that the IRS fears Bitcoin due to tax evasion. What actions could the IRS take to combat this? The Internal Revenue Service (IRS) is one of the most feared federal agencies in the United States. They can garnish wages, levy fines, put liens on personal property, and even send you to jail for failing to pay the appropriate taxes. Which is why it’s interesting to see an

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  Jeff Francis · January 23, 2018 · 11:00 am
• Altcoins, Bitcoin, Bitcoin Taxes, News, News teaser

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

  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

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  Nikita Blows · January 20, 2018 · 5:00 pm
• Bitcoin Regulation, Bitcoin Taxes, News, News teaser

  Trump Administration Considering Regulating Bitcoin

  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,

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  Jeff Francis · December 2, 2017 · 1:00 am
• Bitcoin, Bitcoin Breaking News Brief, Companies, News, News teaser

  Coinbase ‘Unprecedented Victory’ Sees 14k Transactions Head To IRS

  An “unprecedented victory for the industry” is how Coinbase describes the likely culmination of its year-long legal battle with US tax authorities this week. $20k Or Nothing, Court Tells IRS In a digest of the most recent events from court, communications director David Farmer said the exchange’s resolve to “take a stance” against the Internal Revenue Service (IRS) request for customer data prevented them being “unfairly targeted.” The court ruled that only transactions over $20,000

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  Wilma Woo · November 30, 2017 · 6:00 am
• Bitcoin Exchange, Bitcoin Taxes, News, News teaser

  IRS Not Happy with ‘Reporting Gap’ from Coinbase Users

  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

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  Jeff Francis · November 15, 2017 · 7:00 am
• Bitcoin, Bitcoin Taxes, Legislation, News, News teaser

  Using Bitcoin to Buy Things Could Trigger IRS Tax Bill

  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

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  Jeff Francis · October 22, 2017 · 7:00 am
• Bitcoin, Bitcoin Exchange, Bitcoin Taxes, News, News teaser

  IRS Hopes to Catch Bitcoin Tax Cheats With Blockchain Tracking Software

  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

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  Jeff Francis · August 23, 2017 · 8:00 am
• Bitcoin, Bitcoin Regulation, Legislation, News, News teaser

  Judge Slams IRS, Allows User to Challenge Case on Coinbase

  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.

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  Darryn Pollock · July 21, 2017 · 12:00 pm
• Bitcoin, Bitcoin Taxes, News, News teaser

  Coinbase Versus IRS: IRS Concedes The First Round

  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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  Karan Kapoor · July 13, 2017 · 1:30 am
• Bitcoin, Companies, News, News teaser

  Coinbase Versus IRS: Court Hints At ‘Narrowing’ Of Investigation Scope

  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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  Wilma Woo · July 7, 2017 · 2:30 pm
• Bitcoin, Bitcoin Taxes, Companies, News, News teaser

  IRS: Only 800 People Reported Bitcoin Earnings Per Year

  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

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  Wilma Woo · March 20, 2017 · 6:00 am
• Bitcoin, Bitcoin Acceptance, Bitcoin Businesses, Bitcoin Regulation, Bitcoin Taxes, News, News teaser

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

  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

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  Evander Smart · January 23, 2017 · 9:00 am
• Bitcoin, Bitcoin Businesses, Bitcoin Exchange, Bitcoin Taxes, News, News teaser

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

  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

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  William Suberg · January 15, 2017 · 7:00 am
• Bitcoin, Bitcoin Exchange, Bitcoin Regulation, Bitcoin Taxes, News, News teaser

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

  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,

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  Evander Smart · December 29, 2016 · 2:30 am
• Bitcoin, Companies, News, News teaser

  Coinbase Nightmare Continues With New $8m Cryptsy Lawsuit

  Desperate times continue at Coinbase – while one user has filed a motion to block IRS access to its records, a law firm is now suing the company for an alleged role in an $8.2 million fraud racket. New Lawsuit as Regs Bite Coinbase Again In a class action lawsuit filed in Florida by Silver Law Group and Wites & Kapetan, Coinbase purportedly allowed Paul Vernon, ex-CEO of now-defunct exchange Cryptsy, to convert bitcoins worth

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  William Suberg · December 16, 2016 · 6:07 am
• Bitcoin, Bitcoin Regulation, Interviews, News, News teaser, Uncategorized

  ‘If SegWit Doesn’t Pass, It’s Likely Nothing Else Will Either’ – Tone Vays

  Wall Street veteran and Bitcoin enthusiast Tone Vays shared his insights with Bitcoinist on SegWit, Coinbase and the IRS, Ethereum, and Donald Trump.  Interview with Tone Vays Bitcoinist: You’ve mentioned on your blog that we need SegWit to pass “for Bitcoin’s future.” Why is SegWit activation so important right now?   Tone Vays (TV): I feel that SegWit is very important. It was put together by some of the smartest financial engineers in the world that truly understand the

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  Allen Scott · December 8, 2016 · 3:05 am