IRS Enlists Coinbase in Latest Crypto Tracing Deal
The tax collector has agreed to pay Coinbase up to $237,000 over the next two years for its "Analytics" tracing software.
The new tool comes as the IRS is sending more letters to crypto investors.
Less than a year has passed since the IRS first sent taxpayers cryptocurrency "soft letters."
The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms and, yes, such income is taxable.
Four U.S. congressmen have asked the IRS to clarify how block rewards from proof-of-stake networks are taxed, to prevent taxpayers from owing more than they should.
President Donald J. Trump invoked the Stafford act in March, authorizing federal agency funding.