The Internal Revenue Service (IRS) arrived late to the cryptocurrency party. But it is making up for lost time. In less than a month, the federal agency is reported to have sent out three sets of letters to holders of cryptocurrencies. The first one was an informational missive to 10,000 crypto holders, educating them about their tax liabilities with regards to the asset class. The … Continue reading How To Pay Crypto Taxes
The Internal Revenue Service has begun sending out new warning letters to crypto holders. Unlike the 10,000 letters that the IRS sent to crypto holders in July, the new notice CP2000 letters specify the amount crypto holders owe. Recipients of the notices can challenge the amount stated by the IRS within 30 days. If they do not respond to the letter within 30 days, they … Continue reading IRS Sends Out More Letters to Crypto Holders and Traders
New Zealand authorities have issued a tax bulletin on August 7 that makes it legal to pay employees in crypto. The new law will be implemented from September 1. This makes the nation one of the first to create a legal framework that allows employees to be paid in crypto. However, the new rules do not apply to self-employed individuals. Salary Payment with Conditions The … Continue reading New Zealand Allows Salaries in Cryptocurrencies
British tax authorities may be cracking the whip on crypto investors. In a move that mirrors that of their counterpart across the pond, Her Majesty’s Revenue and Customs, the official agency responsible for tax collection, has asked crypto exchanges operating in the UK to provide it with customer details to find tax evaders. Some of the exchanges that have received a letter from the tax … Continue reading Britain’s Tax Agency Wants Details About Crypto Traders
Holders of cryptocurrencies have begun receiving letters from the IRS about possible tax violations, according to a WSJ report. The agency has sent the letters out to 10,000 people, the report states. “Taxpayers should take these letters very seriously. The IRS is expanding efforts involving virtual currency, including increased use of data analytics,” IRS Commissioner Chuck Rettig told the Journal. Unlike cash, it is possible … Continue reading IRS Sends Out Letters to Cryptocurrency Holders
