IRS: give U.S. taxpayers their law!
Assault on the Internal Revenue Service continues. Now it is Nina Olson, the National Taxpayer Advocate. In annual report for 2013, presented to Congress she states that to this moment IRS was not able to anyhow clear the rules regarding Bitcoin with its lightning fast spread across the international market and how it must be treated according to the tax laws. Taxpayer Advocate Service (TAS), which Olson is a head of, takes upon the roles of unbiased spectator, advisor and taxpayers’ representative for IRS due to TAS being an independent institution within it. That way all the taxpayers’....
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The US Internal Revenue Service (IRS) has committed to cracking down on bitcoin users that may have been evading paying taxes. However, there is still time to make charitable donations to your favorite charities and thereby give a little less to the tax man. Year-End Tax Planning. For federal tax purposes, the IRS treats bitcoin as property, not....
According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.” SARS Tracking Non-Compliant Taxpayers In the report, which is based on statements made by Tax Consulting South Africa, cryptocurrency traders are now required to state the purpose for purchasing the digital assets. In addition, crypto traders must submit....
US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains or losses on ‘forked assets’ until the IRS issues sufficient guidance on how to do so.” Bill Aimed at Protecting Crypto Investors Introduced The office of Congressman Tom Emmer announced this week that the congressman has introduced the bill entitled “Safe Harbor for Taxpayers....
The US Internal Revenue Service (IRS) declared during a 4th June webinar that US taxpayers are not required to report bitcoin on Financial Crimes Enforcement Network (FinCEN) Form 114, a document also known as the Report of Foreign Bank and Financial Account (FBAR), for this year's tax season. According to Bloomberg Bureau of National Affairs (BNA), a senior IRS program analyst remarked that taxpayers face no reporting requirements when filling out their Form 114 for 2014. Taxpayers that hold more than $10,000 in a foreign bank are required to a file this form with FinCEN. The move is the....
In a recently released internal report of an audit conducted by the Treasury department of the IRS and its ability to properly ensure taxpayer compliance with regards to virtual currencies (VCs) such as Bitcoin, Deputy Inspector General for Audit Michael McKenney gave the IRS a big fat ‘F’. The three-part audit found that — in the prevailing three years....