PYMNTS

SEPTEMBER 14, 2020

The United States may have some of the world's best cryptographers working for the National Security Agency and other spy shops, but the Internal Revenue Service (IRS) is crowdsourcing at least part of its effort to beat the algorithms that cloak information about certain cryptocurrencies.

IRS

PYMNTS

JULY 15, 2020

A former Coinbase user, Jim Harper, is looking to protect his privacy from the IRS through a lawsuit, CoinDesk reported. Now, Harper is suing the IRS, its commissioner and up to 10 unnamed agents, saying that if the IRS illegally accessed his data, he wants it destroyed. million for the second quarter.

IRS

PYMNTS

FEBRUARY 14, 2020

A section of the IRS website telling people that the online currency from the popular game Fortnite was subject to federal taxes has been removed as of Wednesday (Feb.12). It apparently marked the first time that video game currencies had received a comment from the IRS. law, according to CNN.

IRS

PYMNTS

NOVEMBER 25, 2020

The company said that Coindesk will only provide the IRS Form 1099-MISC for eligible Coinbase.com, Coinbase Prime and Coinbase Pro clients for the 2020 tax season. And Coinbase will not be providing a Form 1099-K for trades on the Coinbase exchange as of the 2020 tax year, according to a post from the company.

IRS

PYMNTS

OCTOBER 9, 2019

Ransom is demanded in bitcoin, upon threat of releasing damaging information to family, friends, and co-workers. But now the hackers are asking for alternative crypto currencies to bitcoin in their ransom demands. This latest sextortion version is using a Litecoin wallet address instead of bitcoin to evade detection,” Johnson wrote.

IRS

PYMNTS

MAY 13, 2020

The IRS is seeking to have contractors assist in auditing digital currency tax returns, according to a post on CryptoTrader.Tax ‘s website. CryptoTrader.Tax is a tax software platform and is used by bitcoin as well as digital currency investors to manage their reporting. Phemex publicized a $3.5

IRS

PYMNTS

AUGUST 15, 2019

The Internal Revenue Service has issued another warning to cryptocurrency investors with federal returns that don’t match the information received from virtual currency exchanges. The IRS is expanding efforts involving virtual currency, including increased use of data analytics,” said IRS Commissioner Chuck Rettig.

IRS

Payments Source

NOVEMBER 10, 2017

customers who haven’t reported their cryptocurrency gains to the Internal Revenue Service, beware. Coinbase Inc.

IRS

PYMNTS

JULY 7, 2017

According to a report in Fortune , the IRS said last week in a hearing over its fight with anonymous bitcoin buyers that it has been talking to Coinbase about limiting the information it needs to search for unreported income. During that time frame the value of bitcoin rose from $13 to more than $1,100.

IRS

PYMNTS

NOVEMBER 12, 2019

To that end, in the United States, the Internal Revenue Service (IRS) has said that huddling with other tax authorities across the globe has helped train a spotlight on how to detect and thwart tax evasion efforts. The IRS said it has identified “dozens” of tax evasion suspects in the wake of these new tactics.

IRS

PYMNTS

AUGUST 13, 2020

Department of Justice (DOJ) interceded three cryptocurrency campaigns that were funding Hamas, al-Qaeda, and the Islamic State group in the largest seizure of terrorist-owned or related cryptocurrency accounts, according to a press release. They also uncovered four websites and four Facebook pages related to the groups.

IRS

PYMNTS

SEPTEMBER 30, 2018

But with the market cap of Ethereum only slightly below that of Ripple — combined with the weak volume of XRP — it is likely that Ethereum will regain its position as the second-most valuable cryptocurrency soon. In fact, the IRS, ICE and FBI made up 85 percent of the total spending combined. The second-highest spender is the U.S.

Blockchain

PYMNTS

JUNE 8, 2020

The Securities & Exchange Commission ( SEC ) has moved to freeze the assets of a $12 million cryptocurrency mining and multi-level marketing (MLM) scheme, Coindesk reports. Drug Enforcement Association (DEA) and Internal Revenue Service (IRS) looking to buy the license, according to documents seen by The Block.

IRS

PYMNTS

FEBRUARY 26, 2020

He attempted to conceal the evidence in part by using a bitcoin “mixing” service. . million in bitcoin. On fake tax returns, he said the bitcoin was gifted to him from a relative. Kvashuk’s grand scheme was thwarted by the hard-work of IRS-CI’s Cyber Crimes Unit.

IRS

PYMNTS

DECEMBER 19, 2019

Cryptocurrency accounting firm Lukka has released a new service that will figure out the taxes on crypto assets, according to a report by CoinDesk. The new service comes on the heels of an announcement by the Internal Revenue Service (IRS) that it was changing the guidelines for how taxes were calculated. In other bitcoin news, U.K.-based

Bitcoin

PYMNTS

JANUARY 20, 2017

However, recently the People’s Bank of China pointed to irregularities in the operations of bitcoin exchanges BTCC, Huobi and OKCoin as the cause of the recent rollercoaster ride in bitcoin’s price, said Reuters. The developments are still ongoing, so PYMNTS’ Bitcoin Tracker will keep watch for new details in the coming weeks.

Bitcoin

PYMNTS

MAY 2, 2019

“On top of these numbers, the New York Attorney General’s Office revealed what they allege is a fraud involving the loss of $851 million by a major cryptocurrency exchange, Bitfinex. Thanks to the investigative work of the FBI and the IRS-CI, they will be prosecuted for their actions,” said U.S.

Blockchain

PYMNTS

JULY 14, 2019

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” Waters said in a statement.

Federal Reserve

PYMNTS

JULY 14, 2019

And the operator of BitFunder, a defunct trading platform that was denominated in bitcoin, and WeExchange was sentenced for obstruction of justice as well as securities fraud, CoinDesk reported. It is meant to link agriculture organizations with workers and suppliers while also offering contract bidding transparency. On another note, The U.S.

Blockchain

PYMNTS

OCTOBER 18, 2019

Thus, for criminals, at times bitcoin and other cryptos are a conduit to money laundering, ransomware and, at times, just trying to hide in plain sight. Sometimes the darkest deeds, even done through cryptocurrency means, come to light. The site’s content was available for purchase with bitcoin.

IRS

PYMNTS

AUGUST 13, 2018

If the world of cryptocurrencies is relatively nascent, unformed, without a clear roadmap … guess what else is equally opaque? The investors are dozens of hedge funds, the financial publication has said, with billions of dollars invested in cryptocurrencies. The IRS defines crypto holdings as property. Tax policy.

IRS

PYMNTS

AUGUST 13, 2018

. If the world of cryptocurrencies is relatively nascent, unformed, without a clear roadmap…guess what else is equally opaque? The investors are dozens of hedge funds, the financial publication has said, with billions of dollars invested in cryptocurrencies. Taxpayers need to report their transactions, the IRS has said.

IRS

PYMNTS

JANUARY 11, 2021

Although blockchain technology and Bitcoin, its best-known inhabitant, have been around for 10 years, the world is just now entering a seismic transition from holding account-based assets to a system that uses token-based digital assets. For example, Bitcoin is not money.

Blockchain

PYMNTS

DECEMBER 7, 2017

There is a huge gap right now, and traditional accounting software doesn’t integrate with blockchains and cryptocurrencies.”. He added that accounting solutions have to be able to connect directly into the dozens of cryptocurrency exchanges in operation today where crypto-trading occurs.

Blockchain

PYMNTS

JUNE 5, 2019

The FBI and IRS-CI are legally mandated to identify victims of federal crimes that they investigate and provide these victims with information, assistance services and resources,” according to a statement from the investigators, as reported by Bloomberg.

FBI

PYMNTS

APRIL 14, 2018

Normal protocol would automatically push the tax filing deadline to April 16, but this year, April 16 marks Emancipation Day in the nation’s capital, and so, as a holiday gift to all of us, the Internal Revenue Service (IRS) has given Americans until April 17 to file their taxes. The Sluggish Bitcoin Filers. That means U.S.

IRS