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Lessons Learned From Coinbase’s IRS Drama

Crypto enthusiasts are on alert — once-reliable exchanges can no longer be counted on to keep users’ information safe. To be fair, this is not entirely the fault of the exchanges themselves; when the IRS comes knocking, they must respond. Such was the case when the IRS approached Coinbase in hopes of securing information from […]

How Do You Pay Taxes on Bitcoin And Cryptocurrency? What Happens If You Don’t?

New technologies deliver an array of exciting opportunities, but they can also come accompanied by significant challenges — including, more often than not, tax issues. This is certainly true of the cryptocurrency market, which has seen its fair share of tax drama in recent years. The sooner you get a handle on crypto taxes, the […]

The Latest IRS Guidance on Cryptocurrency Taxes: How Will It Impact the Crypto Community?

Death and taxes may technically be the only constants in life, but even taxes can see numerous changes in a short period of time. Such has proven the case with cryptocurrency taxes, which bring new complications to an already confusing process. Previously, crypto miners and traders were forced to muddle through the process in hopes […]

Avoiding an IRS Audit When You Have Crypto Investments

Change is afoot in the crypto world. While virtual currencies have long been regarded as taxable, their use was not heavily monitored by the IRS until recently. Now, however, the IRS is beginning to crack down on tax evaders who rely on virtual currency. As a crypto trader, however, you’re not doomed to audits or […]

What Happens If Coinbase Gives Your Information to the IRS?

If you think your information is safe when you hand it over to crypto exchanges, think again; top exchange provider Coinbase was recently forced to turn over personal information for over 13,000 users. If the IRS had its way, however, this handover would have spanned the entire Coinbase platform. If you were spared, you can […]

What’s the Difference Between Taxable and Non-Taxable Income?

Sometimes, the tax concepts that seem like they should be easy to understand are, in reality, among the most complicated. Such is the case for taxable and non-taxable income, which, at first glance, may appear simple enough. Dive in a little deeper, however, and the distinctions between these two types of income are less clear. […]

IRS Guidance on Taxing Virtual Currencies — Explained in Clear Language

New methods of exchanging currency have brought about a variety of exciting investment opportunities — and quite a few headaches for the IRS and taxpayers alike. In an effort to curb tax evasion, the IRS has released Notice 2014-21, which includes basic information about tax reporting requirements for crypto traders. This guidance is valuable, but […]

IRS Teams Going After Cryptocurrency Tax Evaders: What You Need to Know

Cryptocurrency once seemed like a safe haven from the complications of the IRS, but all that has changed. While miners and traders have technically always been responsible for reporting gains on their taxes, the IRS has only recently started cracking down. Worried about your future as a crypto trader? By keeping in the know, you […]

Bitcoin Tax FAQs

The old cliché referencing death and taxes as the only constants in life may, unfortunately, apply to the modern cryptocurrency market. Bitcoin and other forms of crypto can be taxable in many circumstances. When in doubt: if you’ve generated any income with virtual currency, you probably owe taxes on that income. Still confused? You’ll find answers […]

How Does the IRS Audit Bitcoin And Other Cryptos?

All taxpayers fear the dreaded audit — but most are fortunate enough to avoid this complicated process. If, however, you’ve enjoyed unprecedented cryptocurrency success, an audit could be in your future. The better you understand this process, the better you can prepare — and hopefully, avoid triggering an audit altogether. Read on to learn how […]