Tag Archives: Internal Revenue Service
- US racing industry expects 10% betting bump from new tax rules
September 28, 2017
US race betting operators expect a surge in betting handle thanks to new rules for how punters’ winnings are taxed. On Monday, the US Treasury Department and the Internal Revenue Service (IRS) announced new rules for pari-mutuel wagering proceeds. The IRS will now consider a bettor’s entire investment in a...
- Court allows mystery Coinbase customer to challenge IRS summons
July 21, 2017
A federal court has upbraided the U.S. Internal Revenue Service for seeking to get ahold of an unprecedented number of bitcoin customer records. Last year, a California district court allowed the tax agency to require San Francisco-based digital currency exchange Coinbase to submit records of all transactions that took place...
- IRS narrows down Coinbase summons to transactions over $2,000
July 12, 2017
Instead of requiring bitcoin company Coinbase to submit all of its records, the U.S. Internal Revenue Service is now scaling down its investigation to only include transactions worth $20,000 or more. The Recorder first reported IRS’s plan to modify its summons, quoting a lawyer from the Department of Justice Tax...
- Support from Republicans gives Coinbase extra ammo in IRS legal battle
May 23, 2017
Coinbase has found an unlikely ally in its fight to keep the U.S. Internal Revenue Service from getting its hands on the digital currency exchange’s customer transaction records—the Republicans. Last week, Senior GOP members sent a sharply-worded letter to IRS Commissioner John Koskinen, telling him that the tax agency may...
- Why IRS 1099-B tax form won’t work for all digital currency
February 16, 2017
As the legal battle over U.S. Internal Revenue Service’s (IRS) right to gain access to Coinbase user records continues to heat up, Brian Armstrong, co-founder and CEO of the bitcoin exchange, proposed an idea. His suggestion? Require virtual currency companies to issue a 1099-B tax form, just like brokers do....
- Bitcoin battle heats up as Coinbase fights IRS demand
January 18, 2017
Prepare your popcorn—Coinbase is fighting back. The U.S.-based bitcoin exchange finally shattered its silence two months after the Internal Revenue Service ordered it to hand over records of all transactions that took place from 2013 to 2015. Last week, California-based Coinbase filed court papers supporting a challenge to the IRS...
When we say Bitcoin, we mean Bitcoin Cash
October 17, 2017
‘Game of skill’ allows users to bet on bitcoin price movements
September 1, 2017
New Japan law recognizes bitcoin as method of payment
March 31, 2017