• 800.880.0829
  • teiglawrence
foreign account
enforcement news
Share

Cryptocurrency Enforcement News


March 1, 2018 - Israel to tax Bitcoin as an Asset, not a Currency
a person who holds a digital currency in order to create a capital gain (and does not engage in it as a ‘business’) will be exempt from paying VAT, but will be liable for capital gains tax, which in Israel today is at 25% for most taxpayers. However businesses (or individuals) which ‘engage’ in Bitcoin for business purposes will have more complicated treatment, and will have to pay a value added tax (VAT) of 17%, on top of the capital gains tax.

March 1, 2018 - Coinbase Sends IRS Summons Notification To 13,000 Customers
On February 23, 2018, cryptocurrency exchange Coinbase notified approximately 13,000 of its customers who are subject to the Internal Revenue Service Summons that the company must hand over information specific to their accounts. Coinbase expects to deliver the required documentation within the next three weeks.

March 1, 2018 - Coinbase Compelled by IRS to Provide 13,000 Customers’ Information
“Received notice from Coinbase today,” Tweeted Andreas Antonopoulos, “that my account is one of the 13,000 that they will have to turn over to the IRS under the court order. Not surprised, I knew I would be in that group. In case you were wondering, I’ve filed & paid taxes for my bitcoin income, gains/losses.”

March 1, 2018 - The Supreme Court: Digital Currency Companies Can Continue Operating Through Bank Accounts
the Supreme Court did not deliberate the material question, which is – is a bank allowed to deny banking services to cryptocurrency traders, the court ruled in favor of Bits of Gold’s motion and issued a preliminary injunction that prohibits the bank from restricting activities relating to bitcoin trading in the company’s account, and this, without prejudicing the bank’s right to individually examine any operation being transacted in the account or its right to take steps to mitigate those risks that, in its opinion, the company’s activities are posing to the bank.

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.

|<<< Items 31 to 45 of 135>>>|


© 2019 Teig Lawrence, P.A. | Disclaimer
4770 Biscayne Boulevard, Suite 940, Miami, FL 33137
| Phone: 800.880.0829

IRS Cryptocurrency Disclosure | IRS Letter 6019 | FATCA - Foreign Accounts | New Expat Relief Procedures | IRS Offshore Voluntary Disclosures | IRS Whistleblower Claims | IRS Penalty Relief | IRS Tax Controversies | | About Us | News | Resources

Attorney Website Design by
Zola Creative