We need to make sure digital assets are not used to hide taxable income, and the proposed regulations are designed to provide a clearer line of sight into activities by high-income people as well as others using them. We want to make sure everyone pays what they owe under the tax laws,...
What’s impressive about this statistic is the fact that these efficiencies came about despite the IRS workforce decreasing. According to Table 30 of their Data Book, the amount of realized positions in the agency have decreased by over 10,000 from 2011. On page 4 of their 2018 criminal inve...
That's because the IRS knows what the average charitable donation is for folks at your income level.Also, if you don't get an appraisal for donations of valuable property, or if you fail to fileIRS Form 8283for noncash donations over $500, you become an even bigger audit target. An...
Take Metamask, for example. Metamask is a non-custodial wallet that provides users with the ability to trade tokens directly from its interface. While it does not actually conduct the trades itself as a principal or agent, it does “provide access to digital asset trading platforms” and thus ...
With the finalized form will come a set of instructions on how to answer the question. Those instructions are still indraftform as of Dec. 3, 2021, but they direct taxpayers to answer "no" to the question if the only activity they've engaged in is holding, transferring coins between t...
What is According to the Criminal Investigation division of the IRS, a new tax form 1099-DA would be released later this year. This new tax form would specifically report payment information pertaining to digital assets. Hence, the tax return is named “1099-DA”, standing for “1099-Digit...
Login.gov is light years better than ID.me. Wonder why the IRS is avoiding the use of an existing federal identity platform for a private one? Something smells fishy here. SueFebruary 7, 2022 I agree, what sense does it make to have ID me come in when there is a perfectly credit...
What do you make of the thousands of comments submitted to the IRS? Well, I mean, this important topic. For decades we've had certain types of third-party tax reporting where the person is obligated to do the reporting is in a position of trust (i.e. traditional securities ...
One of the features of a health insurance plan involving cost-sharing is coinsurance. But before we tackle what is coinsurance and why you need it, we must first understand how health insurance works. How Health Insurance Works Photo from wallpaperflare.com ...
The cache of coinssold in 2014would be worth more than $1.1 billion as of Wednesday morning. But hindsight is 20/20, and the government isn't in the business of playing the crypto markets. What this entire exercise did accomplish, however, was to establish a workflow that remains in ...