Get ready for a swarm of incompetence at the IRS in 2023
The IRS is hiring 87,000 agents, thanks to President Joe Biden’s 2021 infrastructure package, but they won’t be fully trained for three years. Go to Source Powered by WPeMatico
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Can the government track Bitcoin?
The law enforcers like the IRS and FBI track Bitcoin with blockchain data and collaborate with private companies in an attempt to trace criminals and taxes. Go to Source Powered by WPeMatico
Biden is hiring 87,000 new IRS agents — and they’re coming for you
The Internal Revenue Service is hiring a fleet of new agents. And they’re probably coming for you — regardless of your income level. Go to Source Powered by WPeMatico
Options data shows Bitcoin’s short-term uptrend is at risk if BTC falls below $23K
BTC’s $335 million options expiry has become a death trap for bulls, and increased legal action by the SEC and IRS against crypto companies is adding to the sell pressure. Go to Source Powered by WPeMatico
IRS Expands Crypto Question on Tax Form
The Internal Revenue Service (IRS) has modified the crypto question asked on Form 1040, the tax form used by all U.S. taxpayers to file an annual income tax return. New Crypto Tax Question The Internal Revenue Service (IRS) published a draft of Form 1040 for the 2022 tax year last week. Form 1040 is the … Read more
US govt delays enforcement of crypto broker reporting requirements: Report
The reporting requirements, aimed at reducing the size of the tax gap, were scheduled to take effect in January 2023, with crypto firms sending reports to the IRS starting in 2024. Go to Source Powered by WPeMatico
Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600
Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network. US Residents Think … Read more
Crypto donation startup launches IRS form as US tax season loom
Nonprofits are required to file IRS Form 8282 for crypto donations of $500 or more if donated funds are exchanged for the U.S. dollar. Go to Source Powered by WPeMatico
Cointelli Makes It Easy to Report Coinbase, Binance, and Kraken Transactions to the IRS
Many crypto exchanges send tax forms to the IRS, each with their own list of supported tokens and info that doesn’t necessarily match up. This can create a lot of confusion for U.S. taxpayers. Luckily, Cointelli can swiftly and reliably create a unified tax report with the push of a button. And if there are … Read more
How to navigate cryptocurrency tax implications amidst the CPA shortage
High demand for CPAs has left many to fend for themselves when it comes time to figure out the complex tax landscape marked by virtual currencies. Go to Source Powered by WPeMatico
