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“# The things the DoJ’s latest move against McAfee has taught us ” Earlier this month, antivirus pioneer John McAfee was officially charged by the United States Department of Justice on seven counts of fraud and money laundering. These charges have been filed with respect to his activities in the crypto space from 2017 to…
“# IRS clarifies reporting requirements for crypto bought with fiat ” The United States Internal Revenue Service, or IRS, has updated its FAQ section on cryptocurrency to clarify investors who have only purchased crypto assets with fiat currency do not need to report their transactions under the “virtual currency” question. The first page of U.S….
“# Crypto can be lucrative, but make sure you’re ready for the taxman ” Hindsight is 20/20, but when money is on the line, being prepared can give investors better foresight. Just over a year and a half ago, Investopedia reported on the panic among many crypto investors who’d found themselves on the wrong side…
“# Bitcoin core non-profit gets approved for tax exemption, perks for donors ” A new non-profit aiming to fund Bitcoin development education and research has been approved for special tax status, conferring benefits on donors. Brink, which launched in the fall, has been approved as a 503(c)(3) organization according to a Feb. 10 blog post….
“# Parents, it’s time for ‘the talk’: Did your kid trade crypto in 2020? ” The taxation of cryptocurrency is no longer just a young person’s problem. That changed the day the United States Internal Revenue Service made cryptocurrency a focal point of enforcement and added a crypto disclosure question on its Form 1040. Unsuspecting…
“# Coinbase users can now report their crypto taxes using CoinTracker ” With just three months until the deadline for United States citizens to declare their crypto gains and losses to the Internal Revenue Service, Coinbase is partnering with portfolio tracking and tax calculating platform CoinTracker to make the process simpler. According to CoinTracker, it’s…
“#Stimulus checks sent to 13M invalid bank accounts: tax firms” The Internal Revenue Service sent millions of Americans’ stimulus checks to the wrong bank accounts, tax preparers say — a mistake the feds are now trying to fix. The agency “inadvertently sent payments to over 13 million bank accounts that are no longer open or…
“# US crypto firms invest in tax solutions as IRS updates reporting forms ” United States regulators are continuing to fine-tune their tax reporting requirements for cryptocurrency users. A second draft of Form 1040 from the Internal Revenue Service for the 2020 tax season published online suggests that the agency will now require anyone who was…
“# IRS to transition from ‘education to enforcement,’ says former division chief ” A former top investigator is warning that “a high-stakes game of chicken” between the Internal Revenue Service (IRS) and cryptocurrency holders who fail to properly report their earnings will be entering a new phase in 2021 as the tax collection agency begins…
“# Crypto taxes, reporting and tax audits in 2021 ” This year was like no other. Now that it has limped to a close and we look at the promise of a better 2021, it is time to think about taxes. Although there were many other notable things about 2020, there were some tax points…