Spain proposes legislation to require reporting of global cryptocurrency transactions.
Spain’s Council of Ministers has proposed anti-fraud legislation that would require the reporting of cryptocurrency transactions both in Spain and abroad.
IRS proposes to increase visibility of the cryptocurrency question on individual tax returns.
The IRS proposes moving the cryptocurrency question from Schedule 1 to page 1 of Form 1040. Practitioners indicate that the question is still confusing to taxpayers.
US Senators question IRS’s collection of cryptocurrency data as unlawful surveillance.
Senate Finance Committee ranking member Ron Wyden, D-Ore., and Sen. Elizabeth Warren, D-Mass., ask about IRS-CI’s subscription to a database provided by Venntel, Inc. Many cryptocurrencies, including the current market leader, Bitcoin, allow a form of identity masking but rely on blockchains as public [...]
Audit finds that IRS is hindered by not receiving more 3rd party reporting data from exchanges.
In its audit of IRS treatment of virtual currency transactions, the US Treasury Inspector General for Tax Administration (TIGTA) found that it is difficult for the IRS to identify taxpayers with virtual currency transactions because of the lack of third-party information reporting that specifically [...]
Zug allows payment of tax with cryptocurrency.
The Swiss canton of Zug approves paying tax liabilities of up to CHF 100,000 (around $110,000) in cryptocurrencies. The Finance Directorate’s Office calls Zug the home of “Crypto Valley.”
IRS legal memo addresses tax treatment of cryptocurrency from crowdsourcing.
The IRS issues a legal memo on taxation of virtual currency received in the crowdsourcing labor market. The IRS concludes that a taxpayer who receives convertible virtual currency in exchange for performing a microtask through a crowdsourcing platform has received consideration in exchange for [...]
IRS creates team to focus on virtual currency fraud.
The IRS announces an “Emerging Threat Mitigation Team” with a narrow focus to look for financial crime and fraud involving virtual currency.
US estate practitioners assign $0 value to cryptocurrency assets when private key is lost.
Estate planners report that they will not report the value of cryptocurrency on IRS Form 706 if the private key goes missing prior to death because the value of the asset would be $0.
US taxpayer challenges IRS’s right to obtain account data from cryptocurrency exchange.
A taxpayer sues the IRS claiming that it illegally seized his account information from three cryptocurrency exchanges. The taxpayer was one of the 10,000 taxpayers to receive a compliance letter from the IRS on cryptocurrency.
COVID-19 delays issuance of IRS guidance on cryptocurrency reporting.
The IRS reports that due to COVID-19, it is behind on the timeline it set to have guidance issued for IRC 6045 information reporting on virtual currency.
