Representative of Texas, Steve Stockman, submitted a new bill, the ‘Virtual Currency Tax Reform Act,’ that would regulate the bitcoin sale transactions.
The Internal Revenue Service (IRS) has explained the issues of taxation in situations when a person gets crypto as a result of hard fork or airdrop.
While cryptocurrencies are continuing to gain popularity, it’s high time to learn how to report your crypto gains in order to comply with IRS regulations and avoid undesirable consequences.
As part of its efforts to ensure compliance, the IRS has commenced sending out letters to erring crypto users. More than 10,000 people will receive one of three letters, advising them to report earnings and pay required taxes.
Although the number of people reporting their crypto investments is low fat the moment, it is expected to grow as the final date of filing comes closer.
Starting with Ripple’s XRP token, cryptocurrency retirement fund Bitcoin IRA plans to add further altcoins in coming weeks.
American bitcoin traders, including Coinbase users, can now report gains accurately to the IRS through Node40’s new SaaS.
According to Jeffrey Berns, more than a million Americans are subject to the summons granted to the IRS.