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. law, according to CNN.

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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.

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IRS Encryption Law Enforcement Privacy 61

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.

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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.

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IRS Digital Currency Laws NOV 97

PYMNTS

SEPTEMBER 20, 2016

While various criminals have tried it, the “bitcoin isn’t money, therefore I can not be guilty of a financial crime” defense never really works out. “Bitcoins are funds within the plain meaning of that term,” Nathan wrote. Prosecutors have argued that Coin.mx

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Payments Source

MARCH 8, 2017

Users of virtual currencies like bitcoin are backing an industry group to oppose tax authorities’ efforts to collect detailed information about the customers of a popular digital currency exchange.

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Bitcoin IRS Digital Currency Authorization 60

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.

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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

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PYMNTS

MARCH 21, 2017

The Internal Revenue Service (IRS) continues its efforts to gain access to United States Coinbase customer accounts, filing new documents in federal court to get the California-based company to turn over the records. Coinbase facilitates transactions of digital currencies like bitcoin and ethereum.

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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.

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PYMNTS

JANUARY 26, 2017

The IRS has been using a John Doe summons to get access to taxpayers’ bitcoin information and is now using the same tactic to get debit card information. The IRS is looking for the records of people in the U.S. The IRS alleges the cards can be used to get access to the offshore funds and avoid paying taxes in the U.S.

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IRS Debit Card Legal Bitcoin 42

PYMNTS

DECEMBER 2, 2016

Department of Justice, the Northern District of California court is allowing the IRS to serve a summons to Coinbase for U.S. ” Last month, news broke that the IRS is actively looking for bitcoin-based tax evasion. ” Last month, news broke that the IRS is actively looking for bitcoin-based tax evasion.

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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.

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IRS Digital Currency Bitcoin Crime 40

PYMNTS

AUGUST 15, 2019

Last month it was revealed that the IRS was sending letters to about 10,000 cryptocurrency holders warning them about the penalties they will face if they don’t report their income or pay taxes on the transactions. Now it’s the IRS saying, we’ve got the records.”. Taxpayers should take these letters very seriously.

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IRS Returns Cryptocurrency Laws 46

PYMNTS

OCTOBER 14, 2019

The Internal Revenue Service (IRS) now has a question on crypto ownership on its 1040 income tax form. And Block Matrix , which created an app that allows users to send bitcoin through their social media accounts, has secured a $2 million investment for the development of a new app for the retail sector.

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IRS Bitcoin Blockchain Cross-Border 43

PYMNTS

DECEMBER 29, 2016

The Internal Revenue Service has asked a court to dismiss a motion filed by a Coinbase user who wants the court to block the IRS from accessing transaction data. According to a report by Forbes , the IRS, in a motion filed on Tuesday (Dec. According to a report by Forbes , the IRS, in a motion filed on Tuesday (Dec.

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IRS Blocks Payer Bitcoin 43

PYMNTS

SEPTEMBER 30, 2018

In fact, the IRS, ICE and FBI made up 85 percent of the total spending combined. The data, according to Cryptovest , showed that the U.S. government’s purchase orders and contracts with blockchain analysis firms has grown significantly since the start of 2018, with the majority of the spending (38 percent) from the Internal Revenue Service.

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Payments Source

JANUARY 17, 2017

Bitcoin exchange and digital wallet provider Coinbase has received a virtual currency and money transmitter license — commonly known as a BitLicense — from the New York State Department of Financial Services.

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IRS Legal Bitcoin Compliance 60

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.

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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.

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PYMNTS

APRIL 28, 2020

Weber served with the Internal Revenue Service (IRS) as chief of the Criminal Investigation Division for over five years. Users throughout the world can now purchase seven digital currencies such as bitcoin, ripple and ether, among others, through Mastercard or Visa through the mobile app or website of the platform.

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Payments Source

NOVEMBER 10, 2017

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

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IRS Blocks Cryptocurrency Compliance 81

PYMNTS

AUGUST 13, 2020

IRS-CI special agents in the DC cybercrimes unit work diligently to unravel these financial networks.”. . “Terrorist networks have adapted to technology, conducting complex financial transactions in the digital world, including through cryptocurrencies,” said Treasury Secretary Steven Mnuchin in the release.

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PYMNTS

JUNE 8, 2020

Drug Enforcement Association (DEA) and Internal Revenue Service (IRS) looking to buy the license, according to documents seen by The Block. The purchase, according to the IRS document, would be useful to help keep ahead of crimes related to cryptocurrency and digital banking.

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PYMNTS

DECEMBER 19, 2019

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. The IRS hasn’t changed the guidelines since 2014, when the crypto market was younger and there weren’t as many people holding digital assets. In other bitcoin news, U.K.-based

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Bitcoin IRS Cryptocurrency Regulations 52

Payments Source

OCTOBER 4, 2017

Today: Equifax grilled before Congress; More fallout from IRS and Yahoo breaches; Walmart ups delivery game; Another bull for bitcoin; New standards for tokenization. The information you need to start your day, from PaymentsSource and around the Web.

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IRS Breach Bitcoin 60

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.

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Blockchain Bitcoin IRS Digital Currency 56

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. In news at the end of this week, the largest child pornography site in the world has been shuttered — and had operated across the Dark Web, funded by bitcoin.

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IRS Law Enforcement Bitcoin Money Laundering 41

PYMNTS

MAY 2, 2019

Thanks to the investigative work of the FBI and the IRS-CI, they will be prosecuted for their actions,” said U.S. Their organization allegedly skirted the anti-money laundering safeguards required of licensed institutions that ensure the U.S. financial system is not used for criminal purposes, and did so through lies and deceit.

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Blockchain Bitcoin Money Laundering IRS 62

PYMNTS

JULY 14, 2019

Talk of new bitcoin rules started surfacing earlier in July with the Internal Revenue Service’s announcement that it is planning updates to its 2014 guidance on cryptocurrencies, reports indicate. The IRS is acting on an April request from a bipartisan group of 20 lawmakers.

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Fintech Review

OCTOBER 22, 2024

United States: A Detailed Approach to Taxation The United States, through the Internal Revenue Service (IRS), has taken a relatively proactive approach to cryptocurrency taxation. Another hurdle is the anonymity associated with certain cryptocurrencies, such as Bitcoin.

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Cryptocurrency Laws IRS Regulations 97

PYMNTS

AUGUST 13, 2018

The marquee names are there, of course, in terms of cryptos, including bitcoin and Ethereum. The Internal Revenue Service (IRS) said last month that it would train its sights on virtual currencies, with a focus on larger firms and international companies. The IRS defines crypto holdings as property.

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PYMNTS

AUGUST 13, 2018

The marquee names are there, of course, in terms of cryptos, including bitcoin and Ethereum. No agreement is in the offing yet, and the IRS stance may be in keeping with a 2014 ruling, which treats virtual currency as property. The IRS has said that it has a “compliance campaign” in place that is tied to virtual currencies.

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IRS Cryptocurrency Bitcoin Treasury 40

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.

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Blockchain Settlement Bitcoin Law Enforcement 77

Stax

APRIL 10, 2025

The payment method is outside the control of a centralized authority like the central banks that issue and guarantee traditional legal tender (money).

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Finovate

OCTOBER 4, 2024

Backbase’s Engagement Banking Platform, integrated with Middesk, will give financial institutions access to real-time verification data sourced from multiple databases including the offices of all fifty Secretaries of State, the IRS, the USPS, OFAC, and more. Bitcoin News looked at the licensing challenges faced by fintechs in Kenya.

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Innovation AI Payment APIs and Integration Online and Mobile Banking 65

PYMNTS

JANUARY 8, 2018

Bitcoin turned nine, and was celebrated by seeing its price per coin exceed $20,000. Funds can be deposited into a consumer’s account with 24 hours of the IRS accepting their fully filed tax return. Holiday vacations are officially over, and the payments and commerce news cycle is back in high gear.

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