Exchanges, protocols, and tax tools all must work to help taxpayers obtain the crypto tax data they need to file returns, while regulators must offer clear guidance to help taxpayers be proactive when reporting their crypto gains and losses, says Accointing’s David Canedo.
According to the White House, about 16% of adult Americans have purchased cryptocurrencies. If we consider that there are about 258 million adults in the US, that’s about 41 million adults who have invested in cryptocurrency. While no one knows the exact number of taxpayers who have checked “yes” to the virtual currency question on Form 1040 and reported their crypto taxes, the extra $45 billion in IRS funding for crypto enforcement from Congress suggests that there’s a large gap between those who owe crypto taxes and those who actually report.
We’ve all known since 2014 that virtual currencies are treated as property and that US taxpayers have a tax obligation when transacting with them. The principles are...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...