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US Treasury Official says IRS is Assessing Models for Crypto Tax Reporting Rules

US Treasury Official says IRS is Assessing Models for Crypto Tax Reporting Rules

The IRS is developing domestic reporting rules for cryptocurrency taxation and assessing different models, according to a Treasury Department official at an OECD event.

IRS Updates 1040 Income Tax Form, Lays Traps for Crypto Tax Cheats

IRS Updates 1040 Income Tax Form, Lays Traps for Crypto Tax Cheats

The IRS plans to update the 1040 income tax form for 2020 to make it more difficult for taxpayers to avoid declaring their crypto assets.

Congressional Panel Tackles Digital Asset Taxation Amid Treasury Relief

Congressional Panel Tackles Digital Asset Taxation Amid Treasury Relief

The U.S. Treasury Department's exemption of digital assets from corporate minimum tax rules marks a victory for the cryptocurrency industry, particularly for firms like MicroStrategy and Coinbase.

IRS Refuses Watchdog Request to Clarify 2019 Crypto Tax Guidelines

IRS Refuses Watchdog Request to Clarify 2019 Crypto Tax Guidelines

The Internal Revenue Service will not clarify how taxes work with cryptocurrencies and digital asset transactions in the US according to a US congress watchdog’s report released on Wednesday.

IRS Crypto Disclosure Letters Violated US Taxpayer Rights in 2019

IRS Crypto Disclosure Letters Violated US Taxpayer Rights in 2019

The IRS shook up the US crypto sector last year, when it issued Letter 6137 to American taxpayer’s which demanded that all citizens declare any unreported crypto gains within 30 days. One year on and an IRS watchdog has slammed the letter as a violation of the Taxpayer Bill of Rights.

Crypto, Tax, and the IRS: The Good, The Bad, and The Downright Ugly

Crypto, Tax, and the IRS: The Good, The Bad, and The Downright Ugly

The IRS wants a piece of your crypto, and the agency is sending letters to thousands of taxpayers who may have failed to declare profits from crypto deals. Question is, is the IRS entitled to what it's asking for?

US Tax Office Warns Coinbase Users To Declare Crypto Holdings Before IRS Clampdown

US Tax Office Warns Coinbase Users To Declare Crypto Holdings Before IRS Clampdown

The IRS may soon start clamping down on crypto users particularly those affiliated with Coinbase exchange who do not properly report their crypto holdings.

IRS Cracking Down on Cryptocurrency Tax Evasion, Seeks Private Crypto Tax Contractors

IRS Cracking Down on Cryptocurrency Tax Evasion, Seeks Private Crypto Tax Contractors

The Internal Revenue Service (IRS) has requested help from independent consultants to crack down on non-compliance in cryptocurrency tax.

Coinbase User Sues IRS for Illegal Seizure of Crypto Records

Coinbase User Sues IRS for Illegal Seizure of Crypto Records

James Harper, a Bitcoin researcher, is suing the IRS, its commissioner, and nearly a dozen of its agents for violating his Fourth and Fifth Amendment rights—his right to privacy and right to due process—with their infamous Letter 6137 in July last year.

CFTC Chairman Calls For Principle-Based Not Rules-Based Regulation For Crypto

CFTC Chairman Calls For Principle-Based Not Rules-Based Regulation For Crypto

Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert has stated his preference for the financial governance to be principle based rather than a strictly enforced set of rules. This extends to cryptocurrency and digital assets.

Members of Congress Ask IRS for Relaxed Approach to Crypto Staking Taxes

Members of Congress Ask IRS for Relaxed Approach to Crypto Staking Taxes

Innovation friendly members of United States Congress have written to the IRS request a level-headed approach to tax on cryptocurrency staking rewards.

IRS Criminal Investigations Puts $625,000 Bounty on Monero Privacy Crack and BTC Lightning Network Tracker

IRS Criminal Investigations Puts $625,000 Bounty on Monero Privacy Crack and BTC Lightning Network Tracker

IRS Criminal Investigations have put a $625,000 bounty on the heads of Monero (XMR) privacy and BTC Lightning Network (LN) transactions.

IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax

IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax

The Internal Revenue Service began sending warning letters out to cryptocurrency owners in the United States, announcing that taxpayers should be paying back taxes they owe or to file amended tax returns in regards to their cryptocurrency holdings.

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