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IRS Laughs Off Coinbase User’s ‘Surveillance Conspiracy’ in Tax Reporting Case

The United States Internal Revenue Service (IRS) has argued that its summons on major American crypto exchange Coinbase is indeed legitimate in a recent filing. Per a Nov. 15 filing, the U.S. tax agency told a California federal court that its investigation of Coinbase customer William Zietzke is completely legitimate.  Zietzke claims summons was issued outside IRS’s authority Zietzke is attempting to quash the summons issued to Coinbase Inc. in June, which requested that they …

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New IRS Tax Guidance Targets Crypto, and US Persons Who Use It

On Oct. 9, 2019, the United States Internal Revenue Service issued Revenue Ruling 2019-24 and a series of frequently asked questions, identifying rules governing U.S. taxation of digital currencies. Taxation in the U.S. is unbelievably complex, but the new IRS guidance takes a step-by-step approach to address some of the most common issues facing holders of digital currency. The basics are as follows: If you hold digital currency and you sell or exchange it, you …

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The IRS Will Now Ask if You Own Crypto in the Most Widely Used US Tax Form

The Internal Revenue Service (IRS) has updated the main form individual U.S. taxpayers use to report their income to include a question about cryptocurrencies. Following the release earlier this week of the IRS’s long-awaited guidance for reporting crypto-related income, the IRS on Friday circulated a draft of the new Form 1040, Schedule 1, Additional Income and Adjustments to Income. The draft was shared in an email to tax software companies, which the agency also shared with journalists. …

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CipherTrace Scout App Takes Crypto Investigations Mobile

Blockchain forensics firm CipherTrace has developed a mobile tool for flagging bitcoin and ethereum tokens with a criminal past. Announced today, CipherTrace Scout grants street-level investigators more freedom to identify, track and document illicit crypto transactions from the field, company representatives and law enforcement experts said. The software builds on a suite of investigatory tools investigators already use. An app-based interface “traces” addresses through the blockchain to identify what coins may have been used by …

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