Cryptocurrency Earned From Carrying Out Microtasks Is Taxable, Says IRS Memo
The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms and, yes, such income is taxable.
The planned bill comes as part of broader legislation aimed at cracking down on tax fraud, a government spokesperson said.
The Internal Revenue Service plans to make all income tax payers check a box indicating whether they have transacted in crypto over 2020.
A Puerto Rico-based bank founded by long-time bitcoin skeptic Peter Schiff is under investigation over suspicions it facilitated tax evasion.
The merger means Blockpit and Crypto Tax can look at taking their newly combined regtech offering to the lucrative U.S. market.
Citizens and companies in Zug will be able to pay up to $109,000 of their tax bill in either bitcoin or ether starting next February.