You can give cryptocurrency as a gift, and it doesn’t trigger income taxes. #EXPERT_TAKE
Despite rise in crypto adoption, almost no Americans have reported crypto gains or losses this tax season to date, says Credit Karma. #NEWS
The IRS is not accepting Bitcoin, Ripple or Ethereum for taxes yet. #EXPERT_TAKE
The taxation of Bitcoin capital gains in the US has always been a controversial topic. For a lot of people, it is still rather cumbersome to do so. It is not surprising to see few people effectively report this income to the IRS right now. Less than 100 people have reported any Bitcoin gains or […]
At the Yahoo Finance All-Markets Summit on February 7th, a U.S. CFTC regulator encouraged the digital currency industry to start formally regulating itself. Brian Quintenz, a commissioner with the Commodity Futures Trading Commission (CFTC), said that the crypto industry should form what’s known as a self-regulatory organization, or SRO, similar to those that exist in […]
This week, Colorado House Representative Jared Polis sent a letter to the U.S. House Committee on Ethics (HCE) asking the organization to put forth statutes that require government employees to declare their Bitcoin and other digital currency holdings: “A Member or covered employee should report any virtual currency holding as they would report any other […]
The IRS has formed an investigative team searching for tax evaders of crypto profits #NEWS
Consumers should be wary of cryptocurrency retirement accounts claiming to be approved by the Internal Revenue Service, according to the CFTC.
Taxing cryptocurrency gains have always been a puzzler for the taxation authorities, but, with coins like Bitcoin hitting the mainstream, and enough time elapsing, the tax man is catching up. #ANALYSIS
At the World Economic Forum in Davos, Canadian Finance Minister Bill Morneau said his country isn’t planning on making changes to existing tax code to deal with cryptocurrencies. Rather, the main focus will continue to be on “making sure that we understand what’s going on underneath that market, to make sure that we aren’t introducing […]
As we know, blockchain technology is premised on anonymity. Transactions are public, but linked only to an electronic address. Anonymity, though, is the main fuel for underground economies, whose transactions are currently conducted primarily through cash. If cryptocurrencies were to replace cash as the preferred medium of exchange, they could potentially expand the underground economy […]
Despite the amnesty program for crypto investors is on its way, owners of offshore accounts can use a back door. #EXPERT_BLOG
You think you don’t have to declare taxes on crypto? IRS might have a different opinion. #NEW YEAR SPECIAL
Exchange and wallet startup Coinbase has taken to reminding its customers to pay taxes due on their cryptocurrency gains.
Since purchases made with cryptocurrency are dispositions, you better keep a record of dates, amounts and details of those dispositions too. Expert Robert Wood explains why. #EXPERT BLOG