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… Read More 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… Read More 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… Read More 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… Read More 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… Read More IRS Sends Out Letters to Cryptocurrency Holders