IRS considers making cryptocurrency FAQs authoritative.
The IRS indicates it will consider converting frequently asked questions (FAQs) on cryptocurrency transactions into “binding” guidance.
Digital asset industry requests further IRS guidance on reporting obligations.
The Digital Chamber of Commerce issues a letter to the IRS requesting guidance on the information reporting obligations of the digital asset industry, saying that current guidance fails to provide adequate information on how businesses should comply and that clearer guidance would benefit both [...]
May 29 Deadline for Reporting of Foreign Real Estate, Self-Employment Abroad, and Foreign Business Activity|Form BE-10
Form BE-10 is due May 29, 2020. Never heard of it? That’s because it’s only required every five years, and it is NOT a tax form, so it’s not widely discussed. So, why are we alerting you to it? Because like many of [...]
Seasonal Tax Professionals
Summary: TWG is always interested in speaking to individuals seeking seasonal tax positions who are eager to gain exposure to a broad range of technical issues that apply to individuals, families, and businesses with cross-border interests. TWG is also searching for individuals who embrace [...]
Kraken, Coinbase, and other exchanges speak with IRS on problems with 3rd party reporting.
Representatives of cryptocurrency exchanges urge IRS officials to find a balanced approach to requiring third-party reporting of cryptocurrency transactions.
IRS maintains that earlier cryptocurrency guidance does not require further clarification.
At the annual International Fiscal Association US branch meeting in Boston, IRS representatives are pressed for clearer answers about some aspects of its cryptocurrency revenue ruling (2019-24). The IRS maintains that the guidance “speaks for itself.”
US accounting organization formally requests more IRS guidance on cryptocurrency.
The American Institute of Certified Public Accountants (AICPA) drafts a letter to the IRS to ask for clarity on the taxation of virtual currency guidance.
IRS Targeting High-Income Earners
The IRS is hitting the road, targeting high-income earners who haven’t filed federal income tax returns or paid taxes for 2018 or previous years. The agency estimates that billions are lost in tax dollars from these non-filers. The goal is to collect and the [...]
