Arizona senator introduces bill exempting digital currencies from property taxes
Senator Wendy Rogers’ bill also protects the right to run a node on any network and wants to make it legal to pay taxes and fines in any digital currency.
Latest Internal Revenue Service News
Digital currency ATMs being used for drugs and human trafficking: GAO
U.S. Government Accountability Office said that since digital currency ATMs are not as strictly regulated, they can allow human traffickers to move funds discreetly and recommend tougher measures.
IRS updates digital currency question in 1040 tax form
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.
US man pleads guilty to operating $4M unregistered digital currency business linked to criminal activities
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.
IRS: Digital currencies are top enforcement priority
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.
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.
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.