irs crypto – DIGIT INFO

Fear of Retrospective IRS Regulation Changes Discourages Filing, Says Crypto Tax Expert

DIGIT — Wed, 03 Apr 2024 07:22:57 +0000

Many cryptocurrency users have not filed their tax returns, fearing that the Internal Revenue Service (IRS) might change regulations after they submit their returns, according to a cryptocurrency tax expert. The expert stated that the IRS has the discretion to apply laws retroactively or retrospectively interpret them. Complex Filing Process Clinton Donnelly, CEO of Crypto […]

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Elizabeth Warren, Bernie Sanders urge closure of ‘$50 billion crypto tax gap’

DIGIT — Thu, 03 Aug 2023 05:20:16 +0000

U.S. senators including Elizabeth Warren and Bernie Sanders claimed crypto tax evaders are siphoning off billions from the government.

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IRS Official: Crypto Is Here to Stay and ‘Becoming More Legitimate’

DIGIT — Sat, 07 Jan 2023 01:30:23 +0000

A top Internal Revenue Service (IRS) official says, “Cryptocurrency is here to stay,” and “it’s becoming more legitimate.” The official added that the U.S. tax authority is looking to partner with crypto companies, noting: “I don’t see how we can operate in this space without it.” Top IRS Official Says Crypto Is Here to Stay […]

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The World’s Weakest Currency, Kiyosaki Says Greenback Is ‘Toast,’ IRS Crypto Tax Update and More — Bitcoin.com News Week in Review

DIGIT — Sun, 30 Oct 2022 12:30:37 +0000

In this week’s hottest stories from Bitcoin.com News: the Ghanaian cedi’s recent slide to a new low against the USD, Rich Dad Poor Dad author Robert Kiyosaki weighs in on Saudi Arabia’s move to join the BRICS nations, the United States Internal Revenue Service updates tax filing instructions for crypto, and more. Report: Ghanaian Cedi […]

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IRS Special Agent on Crypto: ‘We See Mountains of Fraud in This Area’

DIGIT — Thu, 27 Jan 2022 23:30:11 +0000

A special agent with the Internal Revenue Service (IRS) says the tax agency is “seeing mountains and mountains of fraud” in the cryptocurrency space. The IRS criminal investigation unit is trying to train all of its agents on crypto and non-fungible token (NFT) issues because “this space is the future,” he stressed. IRS Special Agent […]

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IRS Expects to Seize Billions of Dollars in Cryptocurrency Next Year — More Than $3.5 Billion in Crypto Seized This Year

DIGIT — Mon, 22 Nov 2021 00:30:22 +0000

The Internal Revenue Service (IRS) has revealed that $3.5 billion in crypto was seized during the fiscal year 2021. This represents 93% of all funds seized by its criminal investigation unit during the same time period. The agency expects to seize billions of dollars more in cryptocurrency next year. IRS Says It Could Seize Even […]

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IRS Updates Tax Requirements for Cryptocurrency Owners

DIGIT — Thu, 07 Jan 2021 10:47:58 +0000

The U.S. Internal Revenue Service (IRS) has updated its instructions for disclosing crypto activities. The update provides clarification on who must answer “yes” to the IRS’ crypto question and when it is appropriate to select “no” as the answer. IRS Publishes New Crypto Tax Filing Instructions The IRS published updated instructions for Form 1040 on […]

The post IRS Updates Tax Requirements for Cryptocurrency Owners appeared first on Bitcoin News.

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IRS Prioritizes Cryptocurrency, Now First Question on 1040 Tax Form

DIGIT — Sat, 22 Aug 2020 16:30:54 +0000

The new U.S. tax form is out and the cryptocurrency question is the first one on the main 1040 tax form used by about 150 million people to file their taxes. The Internal Revenue Service (IRS) requires all tax filers to declare whether they have received, sold, exchanged, or acquired any cryptocurrencies. IRS Focuses on […]

The post IRS Prioritizes Cryptocurrency, Now First Question on 1040 Tax Form appeared first on Bitcoin News.

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