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.
The final day of the CoinGeek Conference in New York saw Bitcoin Association Founding President Jimmy Nguyen moderating a panel titled, “Investigating Criminal Activity on the Blockchain.”
In his latest piece, Johnny Jaswal offers strategies on closing the tax gap via digital assets—with a focus on digital asset issuers.
The court heard arguments from a Tennessee couple who were charged tax on the creation of 8,876 units of Tezos digital currency.
New proposals being brought forward by the U.S. Treasury Department could see a new requirement to report digital currency transactions of over $10,000 to the IRS.
The Safe Harbor for Taxpayers with Forked Assets Act seeks to protect taxpayers that own forked assets from any penalties and fees that the IRS may try to impose on them for holding those assets.
The IRS says it is improving its ability to track users' digital asset holdings and even seize those assets if it's owed.
Binance is under investigation by the Inland Revenue Service (IRS) and U.S. Department of Justice (DoJ), according to a report by Bloomberg.
As per the ruling, personal information on users who have exceeded the threshold will now be turned over to the IRS, in a bid to help root out failures of disclosure to the tax agency.
Roman Sterlingov, the Russian-Swedish citizen suspected of being the administrator of Bitcoin Fog, was charged with his involvement in laundering some 1.2 million BTC over the period.
Senator Rob Portman said he hoped the bill would attract bipartisan support, as a measure for tackling the problem of undeclared digital currency trading gains.
In a recent op-ed, former head of the IRS Criminal Investigation Division Dan Fort warned the tax agency will shift from education to enforcement in 2021.
