Tax Payers Needn’t Disclose Merely Holding Crypto: IRS Draft 2020 Guidance
The U.S. tax agency has clarified who needs to answer "yes" to a question over cryptocurrency activity included in the draft 1040 income tax form.
IRS
Bitcoin ‘Underperforms’ During Tax Time: Analysis
Jan 27, 2021
Bitcoin's price is going down for many reasons including traders who realized gains last year selling to pay their tax bills.
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.
Why is the IRS trying to keep this case out of court? Because it may have widespread implications for privacy laws involving cryptocurrency users if the IRS loses.
For the second year in a row, the IRS is telling crypto investors they under-reported crypto gains. But it may be a false alarm again.
PayPal opening its network to cryptocurrencies could create a serious tax headache for users.
IRS
