Tag: irs

  • CFTC Coinflip

    United States Bitcoin Regulated CFTC, IRS, FinCEN, SEC What Next?

    The United States Government seems to be undecided about the status of bitcoin in the country. In what seems like a conflict between different departments, every department directly or indirectly related to banking and finance are calling it their own. This has caused enough confusion among bitcoin and...

    Gautham | September 20, 2015 | 10:00 am
  • Crypto

    Tax Authority Excuses Bitcoin Buyers from Paying Sales Tax

    The New York State Department of Taxation and Finance released a memorandum on December 5th which excused Bitcoin users from paying sales tax, if the virtual currency is being used to pay for certain goods and services delivered in New York State. In its elaboration, the memorandum referred...

    Gola Yashu | December 9, 2014 | 3:58 am
  • Uncategorized

    Bit Foundation Gets Tax Status,Bitcoin Charity Receive Designation

    The BitGive Foundation has become the first bitcoin charity to receive a 501 (c) (3) non-profit status with the Internal Revenue Service (IRS), according to a Monday morning announcement. The news comes just one year after the formation of the charity. As part of this major achievement, BitPay, Xapo,...

    Jayanand Sagar | August 25, 2014 | 10:40 am
  • Uncategorized

    IRS Says No Bitcoin FBAR Reporting This Tax Season Required

    The Internal Revenue Service has said that taxpayers need not report bitcoin holdings on FinCEN Form 114 (Report of Foreign Bank and Financial Accounts – also known as FBAR) this tax season. The news comes from Rod Lunquist, who’s a senior program analyst for the Small Business/Self-Employed Division at the...

    Jayanand Sagar | June 5, 2014 | 4:52 pm
  • Uncategorized

    Bitcoin Foundation Responds to IRS Tax Guidance on Bitcoin

    Yesterday’s news that the IRS has issued tax guidance on bitcoin has not surprisingly spurred debate on social media. The tax authority in the United States stated that bitcoin should be declared as property, not currency. Further, the tax guidance instructs users of the digital currency to pay...

    Jayanand Sagar | March 26, 2014 | 3:21 pm
  • Uncategorized

    IRS: BTC Should Be Treated as Property For Federal Tax Purposes

    Just in time for the income tax filing deadline comes a news release from the Internal Revenue Service (IRS) regarding the taxation of bitcoin and other digital currencies. In short, the notice states that virtual currency shall be treated as property for federal tax purposes in the United...

    Jayanand Sagar | March 25, 2014 | 2:25 pm
  • SnapCard Now Allows You to Pay Your IRS Tax Bill With Bitcoin

    SnapCard — the service that allows you to buy pretty much anything on the internet — is now allowing you use your bitcoin to pay something else: your tax bill to the Internet Revenue Service. The San Meteo-based company today announced the capability one week in advance of...

    Jayanand Sagar | January 15, 2014 | 3:29 pm

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