Tag Archives: IRS

Regulatory Overreach is Crippling the U.S. Crypto Sector: Law Prof.

Advertisement A law professor has reached an unflattering conclusion regarding the regulatory climate of the crypto space in the United States — it’s confusing! According to Carol Goforth, who teaches at the University of Arkansas School of Law, “overlapping regulations produced by a multitude of distinct agencies with different missions and priorities” has resulted in a “confusing mix… Read More »

US Needs ‘More Nuanced’ Cryptocurrency Regulations: Academic Paper

United States’ cryptocurrency regulations are creating a problematic image for the country as an innovator and it needs a “more nuanced approach.”  Two university professors have made this claim in an article Friday, Dec. 7, referring to a paper originally published Nov. 16. Discussing the current regulatory setup governing cryptocurrency, Carol Goforth of Oxford University and Arkansas School… Read More »

Crypto Accounting Firm Predicts Massive Loss Claims in IRS Tax Filings for 2019

With more people rushing into the cryptocurrency market since late 2017 and the subsequent year-long bear market in 2018, one accounting envisages a barrage of loss claims in cryptocurrency and Bitcoin tax filings next year. Record Loss Claims in Cryptocurrency Tax Filings In a press release by NODE40 – a cryptocurrency accounting firm, the company forecasts that the… Read More »

IRS to Face Record Number of Loss Claims, Says Crypto Accounting Firm

IRS to Face Record Number of Loss Claims, Says Crypto Accounting Firm Node40, a developer of bitcoin tax-reporting software, expects the U.S. Internal Revenue Service (IRS) to receive a record number of cryptocurrency-related tax return claims this year, as it predicts that many investors will decide to declare their losses. Pros and Cons of Reporting… The post IRS… Read More »

Report: US Congressman Announces Plans for Federal Cryptocurrency and ICO Regulation

U.S. Rep. Warren Davidson (R) has announced plans to introduce legislation that would clearly regulate cryptocurrencies and Initial Coin Offerings (ICOs), local Ohio news agency Cleveland.com reports Dec. 3. According to Cleveland.com, Davidson announced his intention to introduce new legislation at the Blockchain Solutions conference. The bill would create an “asset class” for cryptocurrencies and digital assets, which… Read More »

‘Payments Four Times Faster Than Visa’: Network Fights Low Speeds and Threat of Lost Funds

Fraud, inefficient and expensive systems, a lack of transparency and slow transactions at busy times are a reality for many business networks around the world – inconveniencing merchants, their customers, and even the middlemen tasked with processing their transactions. Volume limitations have also frustrated retailers who may have considered turning to crypto, while a lack of security has… Read More »

IRS Advised to Provide Better Guidance on Cryptocurrency Transactions

Advertisement The Information Reporting Program Advisory Committee is a body which was established before the Internet was a major consumer network and is a result of federal government reorganization and, importantly, efforts to modernize and improve the IRS brought about by the Omnibus Budget Reconciliation Act of 1989. The committee periodically suggests actions the IRS needs to take… Read More »

US: IRS Advisory Committee Calls for Additional Guidelines on Crypto Taxation

An advisory committee of the U.S. Internal Revenue Service (IRS) wants the agency to provide additional guidelines for the taxation of crypto transactions, according to a 2018 general report published Oct. 24. Although in 2014 the IRS had already issued commentary specifically on digital currencies,  recommending they be treated as a property, the Information Reporting Program Advisory Committee… Read More »

IRS Advisors Call for More Tax Guidance on Crypto Transactions

An advisory committee to the U.S. Internal Revenue Service (IRS) believes the agency should provide clearer guidelines on how cryptocurrency transactions may be taxed. In a new report published on October 24, the Information Reporting Program Advisory Committee (IRPAC) highlighted cryptocurrencies’ rise in popularity, noting that “there has also been an equal rise in question as to the… Read More »

Ripple Leads Crypto Coalition Seeking Gov’t Oversight Encouraging Crypto, Blockchain

Ripple will lead a group of crypto startups to lobby lawmakers and financial regulators in D.C. to support crypto and blockchain innovation, Bloomberg reported on Thursday, September 27. According to the report, the coalition of San-Francisco-based crypto firms is planning to pay Klein/Johnson Group, a bipartisan lobby group, to assist the crypto and blockchain community in conveying to… Read More »