The IRS is actively cracking down on cryptocurrency users in the United States. Klasing Associates, a US law firm, expects there to be even more prosecutions in this department. When law firms weigh in on these matters, something must be brewing behind the scenes. Don’t Mess With the IRS According to Klasing Associates, the IRS will continue to crack down on crypto users. Especially those who try to evade taxes will find themselves in legal trouble sooner rather than later. If true, such a move by the IRS would not come as too big of a surprise. The agency has
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Tax season is one of the most dreaded times of the year for many, and when the added confusion of filing crypto returns is thrown into to the mix, things can get even stickier. News.Bitcoin.com recently talked with Clinton Donnelly of Donnelly Tax Law, a service that specializes in crypto returns. The U.S. Treasury-licensed Enrolled […]
In this roundup, we cover numerous cryptocurrency regulatory developments in the U.S., including President Trump’s crypto proposals, testimonies by the Federal Reserve chairman and the Treasury secretary, a crypto-friendly SEC proposal, and the IRS changing a crypto tax rule. We also cover China quarantining yuan bills, its central bank filing 84 digital currency patents, 40 […]
As so-called “doomsday prepping” grows in popularity thanks to news of coronavirus lockdown in Chinese cities, red flag gun laws and rampant Fed stimulus in the U.S., preparedness enthusiasts are asking about the viability of bitcoin in a SHTF situation. From cautious, light investor, to vehement denigrator of the “NSA-created surveillance money,” there is no […]
For crypto owners looking to estimate how much they owe in taxes, there are some platforms with a free crypto tax calculator. They integrate with major crypto exchanges and wallets, allowing you to import your crypto transaction data and start calculating your taxes for free. Some of them also integrate with leading tax filing software […]