New IRS guidance says Bitcoin forks and airdrops are taxable events
The IRS has issued official guidance to help taxpayers understand their cryptocurrency obligations relating to hard fork and airdrop events.
Is the IRS crackdown on crypto traders a sign of a maturing market?
The Internal Revenue Service (IRS) reportedly sent letters to over 10,000 crypto asset investors in the US to remind them to pay any outstanding taxes on cryptocurrency earnings.
Crypto taxes due Monday – what you need to know
With April 15th looming large on the financial calendar of most Americans, the 2018 tax year will present some challenging scenarios for many. How to account for loses? Do offshore exchange wallets require ‘FBAR’ reporting? Can I trust the advice I’m receiving? We ask legal and accounting experts for their take on some important crypto tax questions.
Crypto-portfolio down? Here’s some options for your 2019 tax filing
It’s tax season in the US and the deadline for individual taxes is April 15th. In this article, three potential “edge cases” and the options for managing them are presented.
UK joins Japan and US with plans to update crypto tax guidance
Tax authorities from influential jurisdictions are planning to make life easier for crypto tax-payers
Survey: 46% not reporting crypto profits to IRS
Individual income tax returns are due today in the United States, but despite clear messaging from the IRS regarding its intent to secure customer transaction records from Coinbase, a survey by TeamBlind has found that 46% of respondents have decided not to declare their crypto earnings this year.
Crypto taxes looming? There’s some Apps for that…
Individual income tax returns are due on April the 17th this year. In this article, you will discover five applications you can use to manage your cryptocurrency tax reporting.
New IRS programs to focus on Bitcoin and cryptocurrencies
The U.S. Internal Revenue Service (IRS) is beginning 2018 on an aggressive note, prioritizing the implementation of two new programs pertaining to the disclosure of foreign financial accounts, such as Swiss bank accounts, and virtual currencies, such as Bitcoin.
Capital gains on cryptocurrency: FIFO, LIFO, or Specific Identification?
I regularly receive inquiries from around the country regarding how gains and losses on cryptocurrency transactions are taxed. Unfortunately, to date, IRS guidance has been limited to Notice 2014-21, which, while it doesn’t tell us a whole lot, does make the following clear:
As the Use of Virtual Currencies in Taxable Transactions Becomes More Common,Additional Actions Are Needed to Ensure Taxpayer Compliance
This report presents the results of our review to evaluate the Internal Revenue Serviceâs (IRS) strategy for addressing income produced through virtual currencies. This review is included in our Fiscal Year 2016 Annual Audit Plan and addresses the major management challenge of Tax Compliance Initiatives.