Auto Added by WPeMatico
Close to a year ago last July, the U.S. Internal Revenue Service (IRS) revealed it would be sending ‘soft letters’ to suspected American cryptocurrency owners advising them to pay their taxes. Now according to the Taxpayer Advocate Service, a subsidiary of the IRS, the soft letters undermined the rights and protections of American taxpayers. The […]
The post Advocacy Group Claims IRS-Issued Crypto-Warning Letters Violated Taxpayer’s Rights appeared first on Bitcoin News.
Powered by WPeMatico
While 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.
Powered by WPeMatico
A 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 […]
The post IRS Agents Propose Draconian Tactics to Investigate Bitcoin Users appeared first on Bitcoin News.
Powered by WPeMatico
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 […]
The post IRS Plans to Issue Guidance on Virtual Currency Taxation appeared first on Bitcoin News.
Powered by WPeMatico
Chile is to start taxing cryptocurrencies in April, when taxpayers pay their yearly income taxes, but it’s unclear at what rate. According to local media reports, the country’s revenue authority has included crypto assets in the Annual Income Tax Returns form, which will be declared as “other own income and/or third-party income from companies that […]
The post Chile to Start Taxing Cryptocurrency Earnings in Second Quarter of 2019 appeared first on Bitcoin News.
Powered by WPeMatico
On Wednesday September 19, a committee of US bureaucrats sent an open letter to the Internal Revenue Service (IRS) in regard to the way cryptocurrencies are taxed. The representatives’ letter directed towards IRS commissioner David Kautter wants the taxation office to publish provisional guidelines on how digital currency transactions and investments should be handled when US […]
The post US Representatives ‘Urge’ the IRS to Clarify Cryptocurrency Tax Guidance appeared first on Bitcoin News.
Powered by WPeMatico
Over the last two years in the US, the federal government and states have been trying to grasp the concept of cryptocurrencies and apply them to traditional finance laws like taxes. The task has proven to be extremely difficult for federal agencies and officials however. One confusing issue is the application of state sales tax […]
The post Sales Tax and Bitcoin in the United States Can Be Confusing appeared first on Bitcoin News.
Powered by WPeMatico
Tax enforcement authorities from five nations announced that they have created a united alliance, the Joint Chiefs of Global Tax Enforcement, known as “the J5.” The J5 said they are committed to combating transnational tax crime “through increased enforcement collaboration,” in other words: working together to gather information, share intelligence, and conduct joint operations. Also […]
The post Five Nations Join Efforts to Punish Transnational Bitcoin Tax Crime appeared first on Bitcoin News.
Powered by WPeMatico
In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there […]
The post Tax Time is Here and Lots of Cryptocurrency Holders Don’t Care appeared first on Bitcoin News.
Powered by WPeMatico
Tax season in the U.S. is here, and many citizens who use or hold cryptocurrencies are clamoring around trying to figure out how to file their capital gains taxes. According to reports from Fundstrat’s analyst Tom Lee, cryptocurrencies represent roughly 20 percent of last years U.S. capital gains. Also Read: Emin Gün Sirer Discusses Cryptocurrency Academics […]
The post Tax Paying Americans Owe $25 Billion in Cryptocurrency appeared first on Bitcoin News.
Powered by WPeMatico