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With Bitcoin and other cryptocurrencies making huge sums of money for those adept at timing the market, the U.S. Internal Revenue Service (IRS) is keen to make sure it receives its cut of the profits. However, a lawyer from Morgan Lewis & Bockius states that many users do...
Lawmakers from the United States House of Representatives have issued an open letter to the Internal Revenue Service (IRS), requesting additional clarity on tax laws surrounding crypto such as Bitcoin and Ethereum. The open letter was addressed to acting IRS commissioner, the honorable David Kautter on behalf of...
Today, April 17th, is tax day here in the U.S, but a significant number of investors have apparently not reported gains from digital currency trading to the Internal Revenue Service (IRS). TeamBlind and Credit Karma According to a survey from TeamBlind, the anonymous messaging app popular in fintech circles, 46% of...
‘Tax Day’ in the U.S. is today, April 17, and a number of analysts are bullish on Bitcoin as the much-anticipated tax deadline should trigger the next upward momentum. ‘Tax Day’ to Spark New Bullish Momentum For Bitcoin The cryptocurrency market has been hungover ever since Bitcoin entered the...
In just two days, the U.S. tax filing deadline, April 17th, will be here. Despite this, only a very small fraction of Americans have reported their cryptocurrency holdings. In fact, data released from Credit Karma reveals that fewer than 100 people — out of the most recent 250,000...
Coinbase, the largest cryptocurrency exchange in America, has updated its tax tools to help its U.S. customers comply with IRS guidelines for reporting digital asset gains. Coinbase Updates Tax Tools For U.S. Customers While not being legal or tax advice, Coinbase’s post may prove to be very useful...
Coinbase recently reported to investors that it made $1 Billion in revenue through 2017. An independent assessment finds that 43% of that was in December alone. Bitcoin Run Responsible for 43% of 2017 Profit The San Franciso based exchange Coinbase was one of the first interfaces to make Bitcoin...
Record-breaking gains in the cryptocurrency market during 2017 resulted in record-breaking donations to charitable organizations by Bitcoin investors according to fidelity mutual. $70 million in charitable donations The miracle cryptocurrency market that was epitomized by Bitcoin’s unparalleled rise from $1,000 to $20,000. Before the year’s end correction many made investors...
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...
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...
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