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Bitcoin Enforcement News


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)

October 30, 2017 - Don't Be a Bitcoin Tax Evader
the IRS has gotten more and more serious about tracking down bitcoin tax evaders. The agency even filed a lawsuit earlier this year against Coinbase, demanding that the company turn over customer account information and transaction data.

October 19, 2017 - Yes, The Bitcoin Hard Fork Really Is Taxable Income. Here's What You Need To Know
The problem with the Bitcoin hard fork from a tax perspective is that every Bitcoin holder receives an equivalent amount of the new cryptocurrency for free. Bitcoin message boards and forums are already full of posters excited for the prospect of "free money."

October 19, 2017 - Here's why bitcoin might be much easier to regulate than cash
The SEC and the IRS are looking into ways to track and regulate cryptocurrency trading. Here's what you need to know.

September 28, 2017 - IRS Could Tax Loans Of Bitcoin, Other Cryptocurrencies
Is a loan income for tax purposes? Of course not, since you have to pay it back. In fact, if you are a borrower, other than tax deductions for interest, you might not even think about taxes.

September 28, 2017 - Are Bitcoin Profits Taxable?
The short answer is "yes," but how much tax you'll have to pay depends on a few factors. Here's a rundown of how the IRS classifies bitcoin and what it means for your taxes.

September 28, 2017 - Patent Filing Suggests Bitcoin Exchanges may be Monitored
A new invention patent has been filed by FICO. The invention is a tool that will allow FICO, government, and others to collect financial data from Bitcoin exchanges. The tool is designed to support AML and KYC regulations. The patent is called “Advanced Learning System for Detection and Prevention of Money Laundering.”

August 31, 2017 - The U.S. Internal Revenue Service (IRS) may consider bitcoin cash taxable this year, according to tax experts. Some bitcoin cash recipients could owe tax at rates as high as 39.6%.
IRS may consider the receipt of the new cryptocurrency taxable, “tax experts say there has been no guidance on how to treat the sudden receipt of bitcoin cash,” according to the Wall Street IRS May Consider Bitcoin Cash Fork Taxable IncomeJournal on Friday. The news outlet added that the IRS declined to comment on the issue.

August 31, 2017 - Cryptocurrency Traders Beware – The Taxman Cometh!
According to an IRS statement, it is using the software because it is “necessary to identify and obtain evidence on individuals using bitcoin to either launder money or conceal income as part of tax fraud or other Federal crimes.”

August 31, 2017 - Barclays, HSBC Join Settlement Coin as Blockchain Test Enters Next Phase
Work on the next phase of the project — the last before a live implementation — will include six members revealed today, Barclays, CIBC, Credit Suisse, HSBC, MUFG and State Street, building alongside founding financial institutions UBS, BNY Mellon, Deutsche Bank, Santander, NEX and blockchain startup Clearmatics.

August 31, 2017 - UBS and other big banks are preparing to show governments how to put cash on a blockchain
The world’s biggest banks aren’t immune from cryptocurrency euphoria, with a range of projects underway to explore how traditional financial firms can benefit from the innovation. Swiss banking giant UBS and 10 other companies say that they plan to use the technical idea behind bitcoin—a distributed ledger called a blockchain—for their own digital currency (paywall).

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