March 1, 2018 - New “Sovereign” Cryptocurrency Will Be Legal Tender in the Marshall Islands
The Republic of the Marshall Islands (RMI), an island country located near the equator in the Pacific Ocean with a population of about 50,000, is poised to become the first sovereign nation to issue a cryptocurrency that will be legal tender.
March 1, 2018 - Bitcoin Exchange Coinbase To Comply With IRS Tax Summons
In IRS v. Coinbase, Case No. 17-cv-01431-JSC, the United States District Court for the Northern District of California ordered Coinbase to provide the taxpayer ID, name, birth date, address, and historical transaction records for certain higher-transacting customers covering the 2013-2015 period.
March 1, 2018 - Bitcoin billionaire? Don't forget the IRS
All digital currency transactions are taxable events, according to the IRS. That includes if you sell it, trade it, "mine" it, use it to pay for something or were paid with it. Even if you sell cryptocurrency and keep the gains in your exchange account, instead of as real cash in checking account, it's still taxable.
February 2, 2018 - Bitcoin IRS Tax Amnesty...Sort Of
In short, if you have other unrelated corrections to your returns, by all means make them. In fact, cleaning up domestic tax problems is a feature of many OVDP cases. Until the IRS has a special crypto amnesty, the OVDP may be worth a look.
February 2, 2018 - Cryptocurrency and taxes: What you need to know
The IRS is always more lenient with taxpayers who come forward on their own accord rather than those that get discovered. Coming forward now actually could be the difference between criminal penalties and simply paying interest.
February 2, 2018 - The Tax Man is Finally Catching Up On the Crypto Market
Regulators are indeed catching up to Bitcoin, as more and more hard-nosed approaches begin to make the news. It now looks as if the taxation authorities of some countries are also starting to get to grips with this fast moving, and mostly anonymous, monetary system/growing asset.
February 2, 2017 - Coinbase Sends American Clients IRS Tax Form 1099-K
The company explains that it files 1099-K for customers who have received cash above the required reporting threshold, which is more than 200 receipt transactions or greater than $20,000 during the year.
January 10, 2018 - What You Need To Know About Taxes & Cryptocurrency
But taxes are rarely simple. Things can get complicated very quickly. Here are the basics:
January 8, 2018 - Bitcoin price LIVE: Cryptocurrency rises while meme 'Dogecoin' offering hits $1 BILLION
A cryptocurrency offering called 'Dogecoin', created in 2013 inspired by internet meme of Shiba Inu dogs with nonsense neon captions has reached a market value of more than $1.2bn (£900m).
January 4, 2018 - 20 Cryptocurrencies That Ran Circles Around Bitcoin in 2017
At the end of 2016, the aggregate market cap of all cryptocurrencies combined was a mere $17.7 billion. But by year's end, this combined market value had skyrocketed to $613 billion,
December 27, 2017 - Bitcoin Sellers Cut Taxes By Moving Before Sale
if you move to Nevada or Texas before you sell, your sale should be sourced to Nevada or Texas. Since California has a 13.3% income tax, and no tax break at all for capital gain, paying tax in California would be painful. Nevada, Texas, Florida, Washington, South Dakota, Alaska and Wyoming have no state income tax.
December 27, 2017 - Do You Really Know What Bitcoin Is? A Guide for the Confused.
Unlike most currencies, bitcoin is not supervised or endorsed by any government; it has incredible price volatility, which makes transactions complicated and undermines the safety-deposit-box approach; and, unlike the stock market, where valuations are based at least theoretically on expectations of future company value, there is no “fundamental” basis of speculative value for bitcoin.
December 21, 2017 - Netanyahu’s Bitcoin Forecast Puts Israel at Center of Financial Technology Revolution
Israel has recently been identified as a global leader in the emerging blockchain and digital currency sphere, with experts in the field acknowledging that the Jewish state’s cyber capabilities, security proficiency and wealth of entrepreneurial expertise provide an ideal foundation for blockchain technology projects.
December 19, 2017 - Can the SEC Regulate Bitcoin? Cryptoassets' Legal Questions (Tentatively) Answered
On Dec. 11, the Securities and Exchange Commission, one of the federal government's most fearsome financial regulators, stopped an initial coin offering in its tracks. The SEC declared the ICO an unregistered offering of securities and ordered Munchee—the "Blockchain-based incentivized restaurant review platform" in question—to return the bitcoin and ether it had raised from investors.
December 19, 2017 - Bitcoin offers the cannabis industry an alternative to banks
Technology companies like SinglePoint and POSaBIT are working to generate a payment method for dispensaries and consumers using bitcoin. In recent years, some cryptocurrencies have cropped up specifically for cannabis transactions, like PotCoin and HempCoin.