In response to the coronavirus pandemic, the IRS is updating some important guidelines and procedures to make them easier. Many investments these days seem volatile, but there are few asset classes that have been as volatile as crypto. If you have losses, you might have trouble claiming them, offsetting gains or reducing your income. In…
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Given the economic losses due to the COVID-19 pandemic, can we expect governments to be more vigilant in taxing cryptocurrency this year? Could this be the year the world gets serious about cryptocurrency taxation? The coronavirus pandemic, after all, could cost the global economy as much as $4.1 trillion — or almost 5% of global…
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In response to the coronavirus pandemic, the IRS is taking some important measures but taxpayers could be under threat. The United States Internal Revenue Service delayed tax day this year from April 15 to July 15, and perhaps that means many Americans aren’t thinking about taxes during this very strange time. Indeed, they seem understandably…
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Tax primer for retailers and e-tailers who want to use crypto. During 2019 alone, thousands of merchants worldwide were accepting Bitcoin (BTC) as a payment method. Despite this, a lot of current and would-be merchants are confused about how to pay taxes on their cryptocurrency sales. This guide was created by a United States business…
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Payments and cryptocurrency platform Crypto.com has simplified cryptocurrency tax reporting for its users through a new partnership with three tax providers. Payments and cryptocurrency platform Crypto.com has simplified cryptocurrency tax reporting for its users through a new partnership with three tax providers. On March 24, Crypto.com announced the collaboration with crypto tax calculator CoinTracker, crypto…
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As the Coronavirus outbreak rages in the U.S., the government passed relief measures that delay the payment of taxes to July, which also affects crypto investors. The United States Internal Revenue Service (IRS) will defer tax payments below $1 million from April 15 to July 15. Crypto traders can also take advantage of the measure…
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After some regulatory uncertainty, the U.S. has started its journey to the regulated space for blockchain and DLT industry. The United States’ concerns about the rise of cryptocurrency use in illegal activities have only been growing as developments in the space continue to push the envelope. There is a global race to launch stablecoins that…
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A Protocol Labs General Council member bashed the current crypto tax scene at a recent congressional hearing on blockchain tech. In a United States congressional meeting titled “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses,” one of the testifying witnesses called out current cryptocurrency taxation expectations for their overbearing complexity. “Doing…
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Representatives from Coinbase and Kraken fear that the IRS is overestimating the threat they pose to U.S. regulation. Representatives of major crypto exchanges today told the United States Internal Revenue Service that they want to see clear regulations rather than vague suspicion from the tax authority. In a March 3 panel that is a continuation…
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The Internal Revenue Service classifies crypto as property and now wants to know whether or not you acquired any financial interest from cryptocurrency in the last year. When you file your taxes this year, the Internal Revenue Service will ask you a simple question: “At any time during 2019, did you receive, sell, send, exchange…
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