Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule f...
Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network. US Residents Think Form 1099-K Will Cause Headaches — IRS Says It’s Important ‘Records Reflect Business Income’ A new tax reporting requirement from the IRS will require third-party payment processors to send users who receive....
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Instead of the troublesome 1099-K form, Coinbase will send the 1099-MISC to users of its interest-bearing products. Regular traders may not receive any forms at all.
As an avid fan of Bitcoin the rapper accepts the cryptocurrency for his services and tips. Hustle believes it is the future of currency and promotes it widely since first hearing about it from a miner friend. Also helping Lyn Ulbricht raise funds for her son’s federal appeal, Rob has been helping with a video and the fundraiser for her. He believes that....
Filing 2020 taxes may be slightly less complicated for Coinbase users than it was before. With just three months until the deadline for United States citizens to declare their crypto gains and losses to the Internal Revenue Service, Coinbase is partnering with portfolio tracking and tax calculating platform CoinTracker to make the process simpler.According to CoinTracker, it's an easy way for Coinbase users to report their crypto transactions and sales. Targeted at U.S. users, CoinTracker will calculate and fill out the specific forms — for example, Form 8949 and Schedule D — to declare....
Coinbase CEO Brian Armstrong has suggested US cryptocurrency businesses adopt broker-style bureaucracy to achieve a better relationship with the taxman. 1099-B ‘Potential Solution’ to Crypto Tax Woes. In a blog post published Saturday, Armstrong argued that the costliness of Coinbase’s current legal battle with the Internal Revenue Service could in future be avoided. “…Coinbase and the IRS have (I believe) a shared goal to ensure all U.S. customers pay their taxes,” he wrote. “I believe a good option would be to use the same third-party reporting mechanism that brokerage firms like....
Analysts debate whether the U.S. Treasury Secretary’s new rule about self-custodied wallets could place the current bull run in peril. This week various media reported that U.S. Treasury Secretary Steven Mnuchin was considering whether or not legislation governing self-custodied wallets should be implemented. This led some analysts and crypto pundits to speculate whether or not this would impact Bitcoin, and the current bullish momentum that has been driving crypto prices higher. The threat of new crypto sector-focused regulations is a credible event which has negatively impacted crypto....