Tag: IRS

IRS Looking Into Crypto Kiosks and ATM Use

  • 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.

IRS Publishes New Cryptocurrency Tax Guidance, Expected Since 2014

  • 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.

BitPay and Refundo Partner Up to Allow Taxpayers to Receive Refunds in Bitcoin

  • 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.