Monday, June 14, 2021
JAY TALKS CRYPTO
No Result
View All Result
  • Home
  • Bitcoin
    • Bitcoin Live
  • Ethereum
  • Cryptocurrency
    • Cryptocurrency live
  • Altcoins
    • Altcoins Daily
  • Cardano
    • Cardano Price Prediction
  • XLM Live
    • XLM
  • XRP
  • Litecoins
  • Dogecoin
  • More
    • Coingecko
    • Coin Bureau
  • Videos
JAY TALKS CRYPTO
No Result
View All Result
Home Cryptocurrency

DOJ Tax Division Warning for Cryptocurrency Users

admin by admin
April 15, 2021
in Cryptocurrency
0
DOJ Tax Division Warning for Cryptocurrency Users
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Proskauer Rose LLP, Law Firm, business law

Wednesday, April 14, 2021

As you might expect during tax season, the Justice Department’s press releases seem particularly focused on tax-related issues these days.  At the start of this month, DOJ sent a stern reminder to the public that non-traditional currency users should not expect to escape federal tax law enforcement.

On April 1, the district court for the District of Massachusetts authorized a “John Doe” Summons to a company called Circle Internet Financial Inc. (“Circle”), allowing the IRS to obtain identifying information about U.S. taxpayers and customers of Circle who engaged in cryptocurrency transactions valued at $20,000 or more over the last 4 years (from 2016-2020), as well as their transaction records.  The government’s application did not accuse Circle or any of its customers of wrongdoing.  Instead, as reported in its announcement, the government argued that cryptocurrency can be difficult to trace and has an “inherently pseudo-anonymous aspect,” which makes it possible for taxpayers to use it to hide taxable income.  Granting the government’s application, U.S. Judge Richard G. Stearns found that there was a “reasonable basis for believing that [Circle’s cryptocurrency customers] . . . may have failed to comply with [federal tax laws].”  It is expected that the IRS will use the information obtained through this John Doe Summons to further its investigation of potential tax fraud by owners of cryptocurrency.

The Summons and accompanying press release warn all cryptocurrency users that virtual currency which can be converted to traditional currency is subject to federal tax laws and that the IRS plans to root out those who may try to hide reportable income through difficult-to-trace virtual transactions.  Guidance from the IRS on tax treatment of cryptocurrency can be found here.


© 2021 Proskauer Rose LLP.
National Law Review, Volume XI, Number 104

Related articles

What you need to know to start investing in cryptocurrency right now

What you need to know to start investing in cryptocurrency right now

June 14, 2021
Ethereum cryptocurrency creator voices concern over carbon footprint

Ethereum cryptocurrency creator voices concern over carbon footprint

June 14, 2021



Source link

Tags: CryptocurrencyDivisionDOJtaxUsersWarning
Share76Tweet47

Related Posts

What you need to know to start investing in cryptocurrency right now

What you need to know to start investing in cryptocurrency right now

by admin
June 14, 2021
0

MarketWatch has highlighted these products and services because we think readers will find them useful. We may earn a...

Ethereum cryptocurrency creator voices concern over carbon footprint

Ethereum cryptocurrency creator voices concern over carbon footprint

by admin
June 14, 2021
0

By Matthew Sparkes Vitalik Buterin (right), the creator of Ethereum, speaking in Seoul, South Korea in April 2019YONHAP/EPA-EFE/Shutterstock The...

A Rundown of Cryptocurrency Regulations Across the World

A Rundown of Cryptocurrency Regulations Across the World

by admin
June 14, 2021
0

These countries have cryptocurrency regulations, governing crypto transactions.Cryptocurrency has been here for a long time now. However, its mainstream...

COVID Hits Miami Cryptocurrency Conference – Commercial Observer

COVID Hits Miami Cryptocurrency Conference – Commercial Observer

by admin
June 13, 2021
0

Part of the emergence of Miami as a more and more realistic alternative to New York for businesses has...

Cryptocurrency isn’t as impenetrable as you think. This training even explains how to make your own

Cryptocurrency isn’t as impenetrable as you think. This training even explains how to make your own

by admin
June 13, 2021
0

TLDR: The Cryptocurrency with Ethereum and Solidity Blockchain Developer Bundle explains the entire crypto phenomenon and also explores creating...

Load More
  • Trending
  • Comments
  • Latest
2021 Coinbase Debit Card Review • Pros, Cons & More • Benzinga

2021 Coinbase Debit Card Review • Pros, Cons & More • Benzinga

April 14, 2021
MASSIVE NEWS Hokkaido inu Exchange news+ More! 1000x gem! If you missed shiba inu dont miss this!

MASSIVE NEWS Hokkaido inu Exchange news+ More! 1000x gem! If you missed shiba inu dont miss this!

May 12, 2021
Kishu Inu Mega pump! We called it first! Kishu inu Pump update+ Discord updates!

Kishu Inu Mega pump! We called it first! Kishu inu Pump update+ Discord updates!

May 15, 2021
Shiba Inu coin 1000x Exchange+massive news+ Shib Price Prediction!

Shiba Inu coin 1000x Exchange+massive news+ Shib Price Prediction!

May 11, 2021
Is The Recent Rally In Bitcoin And Ethereum Running Out Of Steam?

Is The Recent Rally In Bitcoin And Ethereum Running Out Of Steam?

0
Want to be rich? Bitcoin’s limited supply cap means you only need 0.01 BTC

Want to be rich? Bitcoin’s limited supply cap means you only need 0.01 BTC

0
Risky business

Risky business

0
Cardano Price Analysis: 07 March

Cardano Price Analysis: 07 March

0
Is The Recent Rally In Bitcoin And Ethereum Running Out Of Steam?

Is The Recent Rally In Bitcoin And Ethereum Running Out Of Steam?

June 14, 2021
Stellar Lumens Is Volatile, But It Has a Bright Future

Is Stellar Lumens on the Right Path to Mainstream Credibility?

June 14, 2021
Bitcoin $49470, Ripple $1.03600, Dogecoin $0.45. Cryptocurrencies Price Prediction – European Wrap

Elon Musk energizes BTC bullish thesis, with ETH and XRP range-bound

June 14, 2021
Ethereum investment products see largest weekly outflows on record — CoinShares

Ethereum investment products see largest weekly outflows on record — CoinShares

June 14, 2021

Recent News

Is The Recent Rally In Bitcoin And Ethereum Running Out Of Steam?

Is The Recent Rally In Bitcoin And Ethereum Running Out Of Steam?

June 14, 2021
Stellar Lumens Is Volatile, But It Has a Bright Future

Is Stellar Lumens on the Right Path to Mainstream Credibility?

June 14, 2021

Categories

  • Altcoins
  • Altcoins Daily
  • Bitcoin
  • Bitcoin Live
  • Cardano
  • Cardano Price Prediction
  • Coin Bureau
  • Coingecko
  • Cryptocurrency
  • Cryptocurrency live
  • Dogecoin
  • Ethereum
  • Litecoins
  • Videos
  • XLM
  • XLM Live
  • XRP

Follow Us

Calculator

 
  • Privacy & Policy
  • About Us
  • Contact Us

© 2021 Jay Talks Crypto  

No Result
View All Result
  • Home
  • Bitcoin
    • Bitcoin Live
  • Ethereum
  • Cryptocurrency
    • Cryptocurrency live
  • Altcoins
    • Altcoins Daily
  • Cardano
    • Cardano Price Prediction
  • XLM Live
    • XLM
  • XRP
  • Litecoins
  • Dogecoin
  • More
    • Coingecko
    • Coin Bureau
  • Videos

© 2021 Jay Talks Crypto