[ad_2][ad_1] PayPal’s decision last week to embrace crypto may help with mainstream adoption, but it could also mean additional tax work for users unfamiliar with the crypto landscape. In the coming weeks, PayPal will roll out cryptocurrency buying, selling, and storing functionality on its platform for US users, but the …
Read More »Taxpayers Must Not Reveal Simply Hold Crypto: IRS Draft 2020 Guidance
[ad_2][ad_1] The US tax agency has made it clear who should answer “yes” to a question about the cryptocurrency business included in the draft 1040 form for federal income tax. As reported in September, the Internal Revenue Service (IRS) revealed it would reposition an application on Form 1040 for 2020 …
Read More »Ohio becomes the first state to allow taxpayers to pay tax invoices using cryptocurrency
[ad_2][ad_1]<div _ngcontent-c14 = "" innerhtml = " Getty By now most taxpayers understand that there are tax consequences associated with cryptocurrency, but ironically, until recently, those taxes could not be paid using cryptocurrency. He is about to change: With the launch of OhioCrypto.com, Ohio will become the first nation state …
Read More »The Coins Center asks Congress to provide US taxpayers with a safe haven on the hard Bitcoin forks
[ad_2][ad_1] Cryptocurrency nonprofit research and defense organization Coin Center asks Congress to enact legislation that will provide bitcoin investors with a safe haven on federal taxes incurred as a result of software forks. Writing in a post posted on the Washington, DC organization blog, Executive Director Jerry Brito claimed that …
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