Digital currency tax guidance still a priority for IRS
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.
Latest Internal Revenue Service News
IRS clarifies digital currency tax form instructions
The IRS has released revised draft instructions that clarify the virtual currency question that they added to the 1040 tax form.
Man behind $4M unregistered digital currency business indicted in US
Brannen Mehaffey processed at least $4 million from January 2018 to March 2020 worth of digital currencies, according to federal authorities.
IRS sends new batch of ‘crypto letters’ to taxpayers
There are three types of letters, each indicative of the degree to which the IRS thinks individuals are underreporting digital currency transactions.
Lawmakers urge ‘proactive policy’ for taxing digital currency staking rewards
In a letter to the IRS, the lawmakers explain how taxing staking rewards as income could lead to excessive tax burdens.
IRS now focusing on privacy coins, Lightning Network, and side chains
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.
US taxman signs on to use Coinbase Analytics
The IRS signed a one-year US$124,950 contract with Coinbase that gives them access to Coinbase Analytics.
The CoinGeek Pulse: Episode 4
This week in digital currency and blockchain, we see the winds of greater regulation start to blow across the sector.
Coinbase former customer sues IRS for records seizure
Researcher Jim Harper received a letter stating the IRS “had reason to believe” he had not paid full tax on his digital currency dealings.
WikiLeaks accepts criminal coins and tokens
Wikileaks.shop, which sells merchandise to financially support WikiLeaks, accepts BTC, BCH, DASH, ETH, LTC, XMR, and ZEC as payment.
IRS targets privacy coins, Lightning Network and Schnorr signatures
The federal agency is seeking more information about so-called "privacy coins" and other technologies that obfuscate digital asset transactions.
Ernst & Young tax tool targets traders filing digital currency forms
CryptoPrep collects information on a user’s trades made on and off major exchanges and compiles it into a downloadable 8949 tax form.