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Cryptocurrency Enforcement News


June 18, 2020 - IRS Tells Couple With $7 Million in Bitcoin to Liquidate Crypto Assets and Pay off Tax Debt
“One might question why the cryptocurrency holdings were reported on Form 433-A in the first place. This IRS form is signed by the taxpayer under penalty and perjury. If the large holding of cryptocurrency were omitted from the form, this would have been a fraudulent filing and the consequences could have been much harsher,” he added.

June 8, 2020 - Crypto community horrified by Coinbase’s IRS/DEA analytics play
On Friday, The Block reported that cryptocurrency exchange Coinbase was looking to license its blockchain analytics software to United States federal agencies—notably the Drug Enforcement Agency (DEA) and Internal Revenue Service (IRS).

March 16, 2020 - North Korea may have exploited KYC loopholes to launder $100M in crypto
the U.S government recently took action against two Chinese nationals for allegedly conspiring with North Korean state-sponsored hackers to steal millions of dollars worth of digital money from cryptocurrency exchanges.

January 16, 2020 - The five top questions to ask when determining your obligations regarding your crypto assets when you file your taxes this year.
The five top questions to ask when determining your obligations regarding your crypto assets when you file your taxes this year.

January 16, 2020 - IRS Adds Virtual Currency Into Gig Economy Tax Center
According to the IRS “The gig economy—also called sharing economy or access economy—is an activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website”. Income derived from gig economy activities are taxable.

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.

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