Category: IRS

10 Tax Tools to Help Crypto Owners

10 Tax Tools to Help Crypto OwnersWhile tax laws on cryptocurrency vary by jurisdiction, there are many useful tools to help you calculate crypto taxes, lower your tax liabilities, and simplify your filing — no matter where you are. Many of them work globally, supporting tax forms of multiple countries, and can import data directly from all major crypto exchanges. Also […]

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Indian Parliament Member Helping Crypto Community Influence Regulation

Indian Parliament Member Helping Crypto Community Influence RegulationThe Indian crypto community has made progress towards influencing the government’s crypto policies. Some industry leaders have met with an influential lawmaker who has agreed to help bring about positive crypto regulation in the country. Also read: India’s Popular ‘Who Wants to Be a Millionaire’ Show Gives Crypto a Boost Parliament Member Agrees to Help […]

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‘Not an Audit’: IRS Notice Could Spell Trouble for Crypto Traders

'Not an Audit' - IRS Notice Could Spell Trouble for Crypto TradersThe IRS took to Twitter on August, 26, posting a video about recently mailed CP2000 notices, of special interest to crypto traders. The notice, which seeks to rectify discrepancies made by recipients in tax reporting, is another in a series of crypto-related letters recently sent by the agency. Though the promised guidelines for reporting still […]

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IRS Revoking Passports Shows How Government Erodes Everything We Hold Dear

Government Parasitism - Why Crypto, Geo-Mobility and Sustenance Are CriticalIf you have outstanding tax debt, the IRS may now want to take your passport. For U.S. crypto holders still waiting on promised IRS guidelines for filing — especially those overseas who may have missed these warning memos — the over 400,000 agency notifications issued since February last year are troubling. This kind of behavior […]

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These Portfolio Tracking Tools Will Also Prepare Your Crypto Taxes

These Portfolio TrackingTools Will Also Prepare Your Crypto TaxesTax season is months away, which is why you need to start preparing for it now. Leave everything to the last minute and you’ll only end up cursing your procrastination. Organize your cryptocurrency activity in advance and you’ll breeze through tax deadline day without so much as flinching. Despite maddeningly vague or unfair legislation, filing […]

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Can the Fed Kill Bitcoin? Navigating the Chokepoints of Tax Law and KYC

Can the Fed Kill Bitcoin? Navigating the 'Chokepoints' of Tax Law and KYCTaxes. The one word that can kill any buzz in seconds flat. Whether you’re a libertarian ranting about how taxation is theft or one of those fabled creatures who is actually happy to file them as their so-called civic duty, one fact remains: those who don’t give the government a bite — or make mistakes […]

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Tax Expert: IRS Letters Confirm That Trading Cryptos Is a Taxable Event

Expert Insists IRS Letters Clarify - Exchanging One Crypto for Another Is TaxableThe U.S. Internal Revenue Service (IRS) announced on July 26 that 10,000 American cryptocurrency users will receive a letter reminding them to pay taxes or amend any mistakes on past filings. At the time, IRS Commissioner Charles Rettig said U.S. taxpayers should take the warning letters “very seriously.” Sean Ryan, CTO of Node40, a platform […]

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The Modern Era of Free Range Slaves: How Bitcoin Breaks the Mold

The Modern Era of Free Range Slaves: How Bitcoin Breaks the MoldIn a string of recent Tweets, 2020 Libertarian presidential candidate and fugitive from the law John McAfee has been talking about slavery. Urging people to “wake up” and assuring them that neither compliance with the status quo, nor stacks of riches, can set them free. Indeed, when the current state of the world is examined […]

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New Bitcoin Cash Specs Propose Heightened Privacy and Double-Spend Proofs

New Bitcoin Cash Specs Propose Heightened Privacy and Double-Spend ProofsBitcoin Cash (BCH) development continues as software engineers have revealed two distinct concepts that aim to boost the BCH network. Bitcoin Cash developer Tom Zander has announced new documentation concerning the vision of a double-spend proofs, which now exists as a pull request to the alternative BCH implementation Flowee the Hub. Additionally, Electron Cash developer […]

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Reddit Roasts the IRS: Have America’s Tax Collectors ‘Gone Crypto Fishing’?

Reddit Roasts the IRS: Have America's Tax Collectors 'Gone Crypto Fishing'?In a juicy little chunk of news from the Redditsphere, a user claiming to be a former IRS employee has called the agency’s new crypto compliance letters “broad and very error-prone fishing expeditions.” The throwaway account details the “really bad data” used by the agency, saying they’re operating mostly from guesswork, casting broad nets and […]

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10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS

10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRSOn July 26, the U.S. Internal Revenue Service (IRS) announced that the tax agency has started sending letters to American cryptocurrency owners advising them to pay their taxes. According to the organization, three types of letters will be sent to more than 10,000 taxpayers by the end of August. The news follows the recent IRS […]

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How Government Agencies Make Criminals of Crypto Traders

New Jersey Man Indicted as Global Crackdown on Crypto EscalatesA New Jersey man has been indicted this week for converting over $2 million to bitcoin and operating a private exchange business not registered with the U.S. Secretary of the Treasury. According to a July 24 press release by the U.S. Attorney’s office, 46-year-old William Green could face up to five years in prison and […]

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Privacy Is a Human Right Worth Fighting For

Digital Privacy Is a Human Right Worth Fighting ForPrivacy is a basic human right. It’s there in Article 12 of the Universal Declaration of Human Rights: “Freedom from Interference with Privacy, Family, Home and Correspondence.” Attaining that right in an era of dragnet surveillance, mass data breaches, state-sponsored hacks and big tech overreach, however, is a Herculean task. As the digital privacy fight […]

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IRS Agents Propose Draconian Tactics to Investigate Bitcoin Users

A Look at the Shocking Tactics IRS Agents Suggest Using to Investigate Bitcoin UsersA recently published U.S. Internal Revenue Service (IRS) slide describes alarming recommendations on how tax agents should deal with digital currency users who are not paying taxes. The slide recommends that agents question crypto users’ friends and family, comb through social media posts and issue subpoenas to make sure U.S. residents are paying taxes on […]

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Who Are the Real Thieves? Danish Authorities Seize 3 Ferraris in Tax Evasion Crackdown

Last week Danish authorities seized three Ferraris belonging to a large Copenhagen-based business allegedly seeking to avoid VAT. With the largest bank in Denmark—Danske Bank—also being embroiled in a tax avoidance scandal last year, it seems timely to explore the common libertarian and voluntaryist idea of taxation as theft. With money and valuable assets like […]

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Node40 Executive Explains What to Expect When the IRS Issues Its New Crypto Policy

Node40 Executive Explains What to Expect When the IRS Issues Its New Crypto PolicyLast May, the U.S. Internal Revenue Service (IRS) revealed it would be issuing new tax guidance and rules about the tax treatment of digital assets and forks. IRS Commissioner Charles Rettig told congressional leaders that the agency has made it a priority to issue crypto-related tax guidance. This week news.Bitcoin.com spoke with Sean Ryan, CTO […]

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After Fleeing From the US Government John McAfee Warns His Enemies

After Fleeing From the US Government John McAfee Warns His EnemiesFor a few weeks now, the former antivirus software tycoon John McAfee has said he is fleeing from the U.S. government for not paying his taxes. More recently McAfee’s been on a tweet tirade, speaking directly to his “pursuers” and telling them to leave him alone. Also Read: CME’s Bitcoin Futures Hit New Records McAfee: […]

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IRS Plans to Issue Guidance on Virtual Currency Taxation

Internal Revenue Service (IRS) commissioner Charles Rettig has explained to U.S. representatives that the tax department plans to issue clearer guidance toward cryptocurrency taxation soon. Since 2014, Americans have been asking the tax agency for better clarification in regard to official tax guidelines. Also read: Last Will Platform Allows Your Loved Ones to Inherit Your […]

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How Ambiguous Regulations Complicate Crypto Taxation

Cryptocurrency Taxation Is Complicated and Ambiguous Regulations Are to BlameFrom America to the United Kingdom and from Russia to Australia, cryptocurrency taxation in major bitcoin strongholds is complicated. Contradictory or non-existent laws, excessive red tape, and maddeningly vague guidelines have conspired to make the tax-paying process more arduous than it need be. Now, a number of advocates are pushing for simplified crypto tax guidelines. […]

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Canada Tax Agency Poses Probing Questions to Cryptocurrency Owners

Canada’s Tax Agency Poses Probing Questions to Cryptocurrency OwnersThe Canada Revenue Agency (CRA) has sent an extremely detailed questionnaire to citizens it believes to be in possession of cryptocurrency. Those suspected of failing to disclose the full extent of their holdings have been asked whether they use a cryptocurrency mixing service, and if so, why. They’ve also been asked to provide the full […]

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Presidential Candidate John McAfee Flees U.S. for Alleged Tax Fraud

Presidential Candidate John McAfee Flees U.S. for Alleged Tax FraudU.S. presidential candidate John McAfee announced on Tuesday that he has fled the country. According to McAfee’s recent Twitter video he’s “living in exile” on a boat because he’s been charged with felonies handed down by the Internal Revenue Service (IRS). Also Read: Former Mt Gox CEO Reflects on Incarceration in Japan While Facing More Prison […]

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US Crypto Investors Incurred $5.7 Billion in Unrealized Losses Last Year

US Crypto Investors Incurred $5.7 Billion in Unrealized Losses Last YearThe results of a survey published by Credit Karma estimate that crypto investors in the U.S. realized losses of approximately $1.7 billion during the previous tax season. Additionally, the report finds that U.S. investors incurred a further $5.7 billion in unrealized losses. Also Read: Plaintiff in AT&T SIM-Swapping Case Sues ‘Bitcoin Bandit’ for $81M US Cryptocurrency […]

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FBI and Homeland Security Agents Raid Tech Campus Over Unauthorized Crypto Trading

FBI and Homeland Security Agents Raid Tech Campus Over Unauthorized Crypto TradingU.S. federal law enforcement authorities are among the most active criminal agencies globally against cryptocurrency infractions. A new example of this is that FBI and Homeland Security agents have reportedly raided a technology campus over unauthorized cryptocurrency trading. Also Read: Epic Founder Addresses Fortnite Crypto Rumors, Robinhood Recruiting in London Unauthorized Crypto Trading According to […]

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Analysis: Understanding the SEC’s Stance on Crypto

Last year the U.S. Securities Exchange Commission took enforcement action against initial coin offerings and other crypto companies perpetrating fraud. Many believe 2019 will be the year when regulators clamp down on rogue cryptocurrency operators. Here we decode the overlapping and occasionally contradictory stance taken by U.S. regulators, and consider what the market can expect. […]

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