This year’s Form 1040 requires all U.S. taxpayers to answer a question about whether they traded or acquired “virtual currency” during the year. Crypto users in the U.S. have taken to Twitter to express their confusion and frustration over the wording of a question about virtual currencies on this year’s tax return form. On Dec.…
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The Biden team looks to Janet Yellen to lead the next administration’s economic policy, which will have to navigate the wreckage left in the wake of the coronavirus. As President-Elect Biden continues to round out his roster of appointees, he has tapped an Obama-era chair of the Federal Reserve to lead his administration’s economic policy.…
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The level of freedoms that the U.S. has provides an argument for the country as the most crypto-friendly location, although Puerto Rico also has its benefits. As a burgeoning industry less than 13 years old, cryptocurrency has seen its fair share of regulatory crackdowns and changes, especially in the United States. Jake Yocom-Piatt, co-founder of…
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The United States tax authority doesn’t seem to be very efficient when it comes to tracking down who owes crypto taxes — for now. Crypto income taxation is a murky arena at present. It would seem that even the U.S. Internal Revenue Service, or IRS, has a tough time figuring out who owes what, according…
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TaxBit’s tool will allow Gemini customers to increase their tax refund. American cryptocurrency exchange Gemini is partnering with tax compliance firm TaxBit to help its customers treport their crypto taxes with TaxBit’s Tax Center Suite solution. Tyler Winklevoss, CEO of Gemini exchange, said that TaxBit’s software will help reduce the “pain point of crypto tax,”…
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U.S. capital gains tax laws are likely to catch out many new users of PayPal’s cryptocurrency payments system The news that payments company PayPal will support cryptocurrencies has given the industry a major boost — but there are tax implications that are little understood by crypto noobs. PayPal users will soon be able to use…
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A new Monero update brings improvements in performance, speed, and security amid increased scrutiny from law enforcement and developments from competitors First announced in September, Monero developers today went live with a network update featuring a new version of its node software, codenamed ‘Oxygen Orion.’ The product of 30 contributors, the update promises significant improvement…
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U.S. regulators are starting to track crypto more seriously, and that’s a good sign for all crypto holders. Antivirus software pioneer John McAfee, the founder of McAfee Associates — the company that released the first commercial antivirus software, McAfee VirusScan, in the late 1980s, contributing to the birth of multibillion-dollar industry — was indicted on…
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What a statement from a coin whose white paper originally proclaimed it as “a privacy-centric cryptographic currency.” Once viewed as one of the crypto industry’s top privacy-focused assets, Dash (DASH) no longer operates under that classification, according to the Dash Core Group, the body overseeing the asset and its development. When asked if Dash should remain…
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Three blockchain analytics firms reportedly have Monero-tracking abilities, which could affect XMR price — but can anyone actually track it? Recently, the United States Internal Revenue Service caused a stir in the crypto community when it put a bounty on the head of anonymity-focused crypto-asset Monero (XMR), offering $625,000 to anyone who could effectively track…
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