The IRS can assess back taxes, interest, and penalties for the failure to report Bitcoin Income. The IRS has made Bitcoin tax compliance a priority as part of its Virtual Currency Compliance campaign.
If you’re having tax problems
Cryptocurrency and Taxes From a technical perspective cryptocurrency is very easy to trade. Sign up to an exchange, deposit some fiat currency, and with just a couple of clicks one can become the new owner of some Bitcoin, Ethereum, or another coin that has taken the world of digital investments by storm. But while cryptocurrency… Read more »
What Should You Do if You’ve Already Filed an Inaccurate Return? Less than a month before the 2018 filing deadline, the Service cast a much wider IRS Bitcoin net than the one it used in 2014. This news is particularly unsettling to the estimated 13,000 Coinbase account holders whose information was involuntarily turned over to… Read more »
Will they change Bitcoin Tax Regulations? In terms of Bitcoin tax regulations, the U.S. government moved a step closer to designating the cryptocurrency as cash when Comptroller of the Currency Director Keith Noreika stongly hinted that his office would soon regulate it in the United States. Mr. Noreika made the comments during an event at the… Read more »
The cryptocurrency-tax question may have just gotten a lot murkier, now that Stargroup announced a partnership with DigitalX to roll out up to 2,900 Bitcoin-enabled ATMs in Australia. Currently, there are only sixteen such machines in the entire country, and nearly all of them are one-way devices which only allow users to add Bitcoin shares… Read more »
People are still talking about a November 2016 decision that upheld an incredibly broad Bitcoin subpoena. In the decision, Northern California Magistrate Judge Jacqueline Scott Corley issued a John Doe summons targeting Coinbase Inc. The IRS directed the Bitcoin exchange to turn over all its records covering all its customers between 2013 and 2015. Although… Read more »