• 800.880.0829
  • teiglawrence
foreign account
enforcement news
Share

Cryptocurrency Enforcement News


October 30, 2019 - Swiss Central Bank Pioneers Digital Currency on Blockchain Infrastructure
Earlier this month, the Zurich-based central bank announced it would join an ongoing pilot scheme mounted by the country's stock exchange using blockchain -- the technology underpinning digital currencies such as bitcoin -- to create a digital version of the Swiss franc.

October 10, 2019 - Rev. Rul. 2019-24
(1) Does a taxpayer have gross income under § 61 of the Internal Revenue Code (Code) as a result of a hard fork of a cryptocurrency the taxpayer owns if the taxpayer does not receive units of a new cryptocurrency? (2) Does a taxpayer have gross income under § 61 as a result of an airdrop of a new cryptocurrency following a hard fork if the taxpayer receives units of new cryptocurrency?

October 10, 2019 - Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations
Expanding on guidance from 2014, the IRS is issuing additional detailed guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions (FAQs).

October 10, 2019 - US IRS Releases Guidance on Crypto Airdrops and Hard Forks
The United States Internal Revenue Service (IRS) has issued guidelines for tax reporting regarding cryptocurrency airdrops and hard forks. The Revenue Ruling 2019-24, announced on Oct. 9, addresses common questions of taxpayers and practitioners.

October 10, 2019 - Frequently Asked Questions on Virtual Currency Transactions
In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 (PDF), explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency. The frequently asked questions (“FAQs”) below expand upon the examples provided in Notice 2014-21 and apply those same longstanding tax principles to additional situations.

October 10, 2019 - IRS’s New Cryptocurrency Rules Create ‘Messy’ Problems for Industry
For the first time since 2014, the Internal Revenue Service on Wednesday offered formal guidance on cryptocurrencies like Bitcoin—and not everyone is happy. While the new information clears up some long standing accounting questions, it also could expose anyone who owns cryptocurrency to unpleasant tax predicaments.

August 19, 2019 - IRS sends second round of warnings to cryptocurrency investors
A spokesman for the IRS, who requested anonymity because of agency rules, said that the latest letters will go out to a taxpayer any time the agency detects a mismatch between the trading profits or losses that taxpayers report on their returns and what third parties report to the IRS through forms known as 1099-B.

August 12, 2019 - News Don’t Avoid the IRS’s Cryptocurrency Letters, Tax Advisers Warn
Failure to take the letters seriously could mean big penalties down the road, said Evan Fox, practice leader in the Digital Asset Advisory Services group at Berdon LLP in New York. “The IRS likely after this will not be lenient if they happen to catch people.”

July 30, 2019 - IRS has begun sending letters to virtual currency owners advising them to pay back taxes
"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties," said IRS Commissioner Chuck Rettig. "The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."

July 27, 2019 - IRS goes after cryptocurrency owners for unpaid taxes
The agency began sending letters last week telling people they "potentially failed to report income" from selling virtual currencies like Bitcoin, Litecoin or Ethereum, and will send 10,000 of these letters by the end of August, according to a press release.

July 27, 2019 - IRS Sending Warning Letters To More Than 10,000 Taxpayers About Cryptocurrency Reporting
There are three variations on the letter: letter 6173, letter 6174, or letter 6174-A. The letters are allegedly targeted to taxpayers depending on the information available to the IRS. According to the IRS, "[a]ll three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors."

July 27, 2019 - The IRS Confirms Perplexing Move for Cryptocurrency Taxes; Bitcoin (BTC) Stays Below $10,000 – Latest Bitcoin News
In a letter titled IRS Letter 6174-A, the IRS notified at least 10,000 people that they could face penalties if they did not properly report their taxes from cryptocurrency and other virtual currencies. The letter send to several people via email read in parts:

July 27, 2019 - IRS tracking down 10,000 cryptocurrency owners for back-taxes
The IRS has begun sending letters to taxpayers who potentially failed to report income and pay taxes on cryptocurrency transactions, the agency said Friday. The IRS said it obtained the names of the taxpayers through “various ongoing IRS compliance efforts.”

June 24, 2019 - US Traders Beware: IRS Prepares Notices after Identifying Crypto Tax Evaders
the IRS is starting to undertake audits of taxpayers who hold crypto assets. Per the IRS commissioner for the Small Business/Self-Employed Division, Mary Beth Murphy, the tax body’s exam teams are now focusing on cryptocurrency-owning taxpayers:

June 10, 2019 - Bitcoin Lover John McAfee Promises to Reveal Data Compromising US Government Unless Feds Leave Him Alone
In a series of recent tweets, McAfee says that the DOJ (Department of Justice) is making up a case against him, accusing McAfee of racketeering, money-laundering and murder.

Items 1 to 15 of 141>>>|


© 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