The tax agency posted its 1040 form last year to ask about virtual assets; however, a query led to confusion among U.S. citizens who wondered if buying and holding counted as a digital currency transaction.
Brannen Mehaffey processed about $4 million in digital currencies without registering with the U.S. authorities, some of which were tied to criminal proceeds, officials said.
An IRS Commissioner has made it clear that companies in the cannabis industry that use digital currencies must pay taxes as they are considered commodities.
The IRS released a joint Priority Guidance Plan for ‘21-‘22 with Treasury and it lists its intention to issue tax guidance for digital currencies as a priority.
The IRS has released revised draft instructions that clarify the virtual currency question that they added to the 1040 tax form.
Brannen Mehaffey processed at least $4 million from January 2018 to March 2020 worth of digital currencies, according to federal authorities.
There are three types of letters, each indicative of the degree to which the IRS thinks individuals are underreporting digital currency transactions.
In a letter to the IRS, the lawmakers explain how taxing staking rewards as income could lead to excessive tax burdens.
IRS’s new Initiative should not come as a shock to investors paying close attention to legal developments or those who properly understand Bitcoin’s design and intention.
The IRS signed a one-year US$124,950 contract with Coinbase that gives them access to Coinbase Analytics.
This week in digital currency and blockchain, we see the winds of greater regulation start to blow across the sector.
Researcher Jim Harper received a letter stating the IRS “had reason to believe” he had not paid full tax on his digital currency dealings.
