The crypto FBAR: Implications beyond
What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations. Go to Source Powered by WPeMatico
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US Court Authorizes IRS to Summon Cryptocurrency User Records From Circle and Poloniex
The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years 2016 to 2020 as well as other documents relating to their crypto … Read more
With US Tax Season Around the Corner, Here’s How to Report Crypto Activity to the IRS
The key to properly filing taxes on cryptocurrency comes down to excellent record-keeping, the correct IRS tax forms, and knowledge about what qualifies as income versus capital gains. Handle Tax Filings With Care to Avoid Any Audits Although the traditional April 15th deadline for filing US taxes has been pushed to May 17th, there is … Read more
Cathie Wood: BTC investors shouldn’t transact until tax code changed
Selling or transacting your Bitcoin isn’t worth the tax burden, according to the CEO of Ark Invest. Go to Source Powered by WPeMatico
Would a US wealth tax push millionaires to Bitcoin adoption?
There are ways in which a tax on the ultra-wealthy could nudge them toward crypto, but hiding assets is not one of them. Go to Source Powered by WPeMatico
The things the DoJ’s latest move against McAfee has taught us
The actions against McAfee by the DoJ and the IRS represent a worrying shift in the view of the U.S. government’s criminal enforcement arm. Go to Source Powered by WPeMatico
Bitcoin core non-profit gets approved for tax exemption, perks for donors
501(3)(c) status boosts the project’s legitimacy as well as its efficiency in using donations. Go to Source Powered by WPeMatico
Parents, it’s time for ‘the talk’: Did your kid trade crypto in 2020?
Now is the time to look beyond your own income-producing activities and look to your children’s crypto as well. Go to Source Powered by WPeMatico
Coinbase users can now report their crypto taxes using CoinTracker
Filing 2020 taxes may be slightly less complicated for Coinbase users than it was before. Go to Source Powered by WPeMatico
US crypto firms invest in tax solutions as IRS updates reporting forms
Coinbase Ventures, PayPal Ventures and Winkelvoss Capital have all invested in cryptocurrency tax automation software provider TaxBit. Go to Source Powered by WPeMatico
