Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency

Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Points, Flyer Miles Could Be Virtual CurrencyWhile its well-known that the revised Schedule 1 form for U.S. taxpayers now contains a question about cryptocurrencies, what is lesser discussed are the legal ramifications this may have for filers who answer incorrectly. The vague nature of the yes or no inquiry has one tax expert doubting the constitutionality of the question, urging all […]

The post Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency appeared first on Bitcoin News.

Go to Source

Powered by WPeMatico

IRS Explains What Crypto Owners Must Know to File Taxes This Year

IRS Explains What Crypto Owners Must Know to File Taxes This YearKicking off this year’s tax filing season, the U.S. Internal Revenue Service (IRS) has published important tips for crypto owners to properly file their tax returns. This is the first time a cryptocurrency question has been included in the tax form. The IRS expects more than 150 million filers to reveal whether they acquired or […]

The post IRS Explains What Crypto Owners Must Know to File Taxes This Year appeared first on Bitcoin News.

Go to Source

Powered by WPeMatico

Tax Guide: What Crypto Owners Should Know

Tax Guide: What Crypto Owners Should KnowWith the rise in price and the growing adoption of cryptocurrencies, more governments worldwide have been ramping up efforts to tax them. Some countries are using extreme measures to get their hands on this new source of untapped revenue, but there are also tax-friendly countries that are not taxing crypto transactions. Furthermore, many tools exist […]

The post Tax Guide: What Crypto Owners Should Know appeared first on Bitcoin News.

Go to Source

Powered by WPeMatico

IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings

IRS to Require 150 Million Tax Filers to Disclose Crypto DealingsThe U.S. Internal Revenue Service (IRS) has unveiled a new draft tax form used by some 150 million people in the country to file tax returns. It has a section that requires them to answer whether they have received, sold, sent, exchanged, or acquired any financial interest in any cryptocurrencies during the year. Also read: […]

The post IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings appeared first on Bitcoin News.

Go to Source

Powered by WPeMatico