Bitcoin Crypto Team Gearing Up

Bitcoin Crypto Team Gearing Up

By restmode | restlife | 23 Jun 2019


In an earlier article https://www.publish0x.com/restlife/cyber-crime-team-vs-crypto-holders-xmkxoz Internal Revenue Service Tax Investigator turned U.S. Cyber Crime Team leader Gary Alford was introduced and his plans to go after Bitcoin holders was discussed. Now a projected date, as well as additional pertinent information, has been released. According to a CNN article “The IRS will soon hunt down bitcoin users who don’t pay taxes by criminally prosecuting them en masse." This summer starting in July the Internal Revenue Service will begin to build cases against Bitcoin users that don’t pay taxes on their gains. Alford says that the Internal Revenue Service is ahead of the curve on the "rapidly evolving tech-industry" and is  ready to "clamp down on tax evaders."

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The article also stated “not every crypto transaction is taxed. However, you are required to report cryptocurrency as income if you did the following:

-Sold bitcoin (or any other crypto).

-Converted bitcoin to fiat currency.

-Used cryptocurrencies to pay for goods or services.

-Received free crypto through a fork or an airdrop.

Your transactions are not taxed if you:

-Bought bitcoin but never sold it.

-Gave crypto as a gift to a friend or family member, and the gift was less than $15,000.

-Purchased crypto with a Self-Directed IRA or Solo 401(k)."

-The Internal Revenue Service addresses these taxes in Notice 2014-21 and

more can be found on the taxation of cryptocurrency in the CPA Journal.

 

As stated in my “Cyber Crime Team vs. Crypto Holders” article this is all proof that Bitcoin is a big deal and it’s here to stay.

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