December 19, 2017 - UBS boss says bitcoins 'not money', urges regulators to act
The currency is not an effective means of payment since it is not universally accepted, it is not a good measure of value since prices are not written in bitcoins, and it is not an effective way to store value, since it is inherently unstable, he said.
December 19, 2017 - Here’s how the U.S. and the world are regulating bitcoin and cryptocurrency
“Where we see fraud, and where we see people engaging in offerings that are not registered, we are going to pursue them because these types of things have a destabilizing effect on the market,” said Clayton at a meeting at the Federal Reserve Bank of New York at the end of November.
December 19, 2017 - Trading Bitcoin for an Altcoin Won’t Shield You From the IRS Anymore
The new tax bill defines “like kind” exchanges to pertain only to real estate deals. To make things as clear as possible, this means that if you trade bitcoin for tether (USDT) for example, that is a taxable event.
December 13, 2017 - Coinbase Ordered to Hand IRS Data on 14,000 Users
Following a lengthy legal battle between the two entities, the San-Francisco district court ruled Tuesday that Coinbase must hand over user accounts at the exchange that bought, sold, sent or received sums of $20,000 and higher between 2013 and 2015.
December 12, 2017 - Will US Government Continue to Target Bitcoin Users for Taxes?
Thanks to Coinbase’s efforts, more than 480,000 customers’ records were preserved from disclosure. This is a 97% reduction in the number of customers impacted by this summons. Second, the quantity of data we must produce for the approximately 14,000 customers who remain in scope has been significantly reduced.”
December 12, 2017 -Four Tax-Related Takeaways for Business Owners Regarding Cryptocurrencies
According to the IRS, cryptocurrencies are treated and taxed as property transactions. This means that, unlike traditional fiat currency purchases and investments, any gains or losses related to cryptocurrencies will be subject to capital gains taxes, capital loss deductions, and additional recordkeeping requirements.
December 12, 2017 - Court Enforces — Partially — IRS “John Doe” Summons Served on Virtual Currency Exchanger
IRS Will Obtain Identifying Information Regarding Clients Who Conducted Any Transaction Equal to $20,000 or More
December 13, 2017 - Why the end may be near for bitcoin, but just maybe
Regulators seem spooked, with South Korea's prime minister fearing "serious pathological phenomena," while the UK plans a crackdown by forcing users to disclose their identities. Russia and China have already leaned against the trend.
December 13, 2017 - Swiss Unite on Blockchain Initiative
Switzerland's two major banks and another key finance player to improve data quality ahead of new regulation. The project was born out of UBS' London-based fintech laboratory.
December 13, 2017 - Bitcoin Investors Hunt For Transfers That Aren't Taxable
Most swaps are taxable as sales, so a 1031 exchange is an exception to the rule that swaps are taxable. When it comes to whether 1031 applies to cryptocurrency, the debates are over the fundamentals. The IRS has been asked about this, but has so far remained mum.
December 1, 2017 - Coinbase Ordered to Hand IRS Data on 14,000 Users
Following a lengthy legal battle between the two entities, the San-Francisco district court ruled Tuesday that Coinbase must hand over user accounts at the exchange that bought, sold, sent or received sums of $20,000 and higher between 2013 and 2015.
November 29, 2017 - Tax Bills Doom Tax-Free 1031 Exchanges Of Cryptocurrency
Both the House tax bill and the Senate tax bill propose to restrict 1031 exchanges to real estate. The real estate industry is breathing a sigh of relief that 1031 exchanges are being kept for them.
November 8, 2017 - In U.S., Bitcoin Users Subject to an Array of Taxes
“You’re technically required to list every purchase you made in any given year with bitcoins, outlining the capital gain or loss from selling the digital currency to make the transaction, “no matter how small.”
November 8, 2017 - Donors Use Bitcoin for Tax Benefits and to Keep Tabs on Spending
Why would someone donate with Bitcoin over dollars? There are two reasons: It can be tax advantageous, and the technology the currency is built on could make it easier to see how a donation is being used, forcing charities to become more transparent.
October 30, 2017 - Watch Out, Big Brother is All Over Your Bitcoin Says Ron Paul
When it comes to the cryptocurrencies, big brother is watching too close for comfort says former congressman and noted libertarian Ron Paul. “There is too much surveillance already on how the currencies are transferred, [how] the reports have to be made by the exchanges to the IRS,” said Paul, now the Chief Ambassador for Goldco. “If it is a really good deal and a good process rest assured the government will be looking at it very carefully…it makes me very ... (read more)