- The criminal investigation chief of the IRS, John Fort, is looking into the issue of blockchain technology enabling illegal activity.
- Fort also said that crypto kiosks and ATMs should follow anti-money laundering laws and KYC procedures.
- The guidance makes it clear that tokens acquired from a fork of a blockchain should be perceived as income.
- The communiqué also determines how you should calculate what you owe when you receive cryptocurrency for goods or services.
- According to the announcement, taxpayers can now use Refundo's new product, called CoinRT, to receive either a portion or all of their federal and state tax returns in Bitcoin.
- To use the platform taxpayers will need to set-up an account, provide necessary information for know-your-customer (KYC) rules, a Bitcoin wallet, and receive a unique routing and account number, which then needs to be input on their tax returns.