Over the past few years, the IRS has increased its compliance and enforcement efforts focused on payment transactions between US and foreign persons. However, these new information reporting requirements for compliance can be confusing and intimidating for taxpayers. What changes has the IRS made to tax information reporting requirements? On today’s episode of the Taxgirl…
Cryptocurrency is once again making big waves in the news thanks to Bitcoin and Dogecoin riding high, Tesla accepting payment in the form of Bitcoin, and the IRS asking about it on your tax forms. But without proper guidance from the IRS, there are still plenty of questions surrounding crypto taxes and the specifics of…
Cryptocurrency is a digital or virtual currency. Essentially, it was created to offer a system to enable peer to peer payments without the need of a third party, offering security and a measure of anonymity. For federal income tax purposes, it’s treated as a capital asset. And what you don’t know could hurt you since…
Taxpayer asks: I paid short term and long term capital gains on my Bitcoin when I moved it from Coinbase into my hardwallet. Do you see any reason I should have to pay more taxes again when I spend some of these same Bitcoins from my hardwallet? Thanks. Taxgirl says: This is a great question….
With the launch of OhioCrypto.com, Ohio will become the first state in the nation to accept tax payments using cryptocurrency.
The Large Business and International of the Internal Revenue Service (IRS) has announced five additional compliance campaigns. The campaigns target AMT credits carryforwards, S corporation distributions, virtual currency, certain re-orgs, and transition tax.
As cryptocurrency continues to grow and evolve, more tax guidance is needed, not only to clarify questions from the IRS’ initial notice but also to address unexpected events like forks and splits.
In the battle between the Internal Revenue Service (IRS) and Coinbase, a company which facilitates transactions of digital currencies like Bitcoin and Ethereum, Coinbase has announced that it has officially notified affected customers that it will comply with a court order.
Cryptocurrency is riding high these days. But even as more investors are taking a chance on digital currency, many are still confused about how to treat it for federal income tax purposes. Here’s what you need to know
Technology has changed the way that we think about money. Next month, the way we think about money may change again following a potential shift in the blockchain world and that could cause tax headaches for some users.