IRS-Coinbase Debacle: Just 800 Users Per Year Declare Bitcoin Earnings
Only around 800 US users per year comply with Internal Revenue Service (IRS) demands to report Bitcoin earnings, it has emerged. In documents filed by the tax authority on Thursday, data shows the number of “honest” US users signaling “property description likely related to Bitcoin” on tax form 8949 is actually falling, Fortune reports. The IRS submitted the documents as part of its ongoing investigation into Coinbase, with which it has battled since last year over allegations its user tax policies are insufficient. Coinbase refused to allow sweeping inspections of its transaction records,....
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For the first time since its direct listing on the NASDAQ this April, crypto exchange Coinbase published its first quarter earnings. In its earnings call, Coinbase announced that it had seen tremendous results since its public debut. “The wind is in our sails right now, and it feels good,” the investor letter read. The exchange […]
COIN exceeded earnings estimates but analysts caution that blanket crypto-sector regulation will “stifle innovation” and possibly cast a shadow on Coinbase's growth. Coinbase Global (NASDAQ: COIN) rebounded during the early trading hours on Aug.11 after it beat Wall Street forecasts for sales and revenues in the second quarter.The cost to purchase one COIN share surged 4.7% to $282.34 at the New York opening bell. Later, bids for the COIN rose to as high as $294 before pulling back to its current price at $279.72.Coinbase stock daily chart. Source: TradingViewStrong Q2 earnings for....
“There are so many customers beating a path to our door that we have to have all hands on deck just to keep everything running,” Coinbase CEO Brian Armstrong explained on earnings call. Cryptocurrency exchange Coinbase has disclosed its first net loss as a public company of $430 million in Q1, but CEO Brian Armstrong said on an earnings call that he's “never been more bullish on where we are as a company.”In its first quarter 2022 report Coinbase disclosed that revenue had dropped 27% to $1.17 billion, down from $1.6 billion in the first quarter of 2021 and a long way off its Q4 2021....
Coinbase published the company’s shareholder letter on Tuesday which detailed it made over $2 billion in net revenue during the second quarter. The firm said “Q2 was a strong quarter” for Coinbase as it saw both “growth and diversification” this year. While netting in $2 billion, Coinbase said it has 68 million verified users and the company also noted it has been working with Spacex, Tesla, PNC Bank, Wisdomtree, and Elon Musk. Coinbase Q2 Results: Over $2 Billion in Revenue, Retail Users Rise, 9,000 Institutional Customers Coinbase (Nasdaq:COIN) has published....
Within a week of its IPO, Bitcoin and crypto exchange Coinbase has generated great hype. Its earnings report for Q1 2021 could have an impact that will be felt throughout the crypto market. Coinbase Will go public on April 14th, after some controversy. The exchange’s estimated valuation sits at $100 billion and will resale up […]