Kraken’s Investors Caught In IRS’ Crosshairs Following Court Ruling

A Californian court has granted the regulator leave to seek transactional information from crypto exchange Kraken in a significant victory for the IRS over tax cheats. "John Doe" Summons The decision by the  U.S District Court for the Northern District of California paves the way for the IRS to issue Kraken a "John Doe" summon on its investors' information. A John Doe summons does not name them, owing to the anonymity of parties under investigation. While issuing the summons, the…

Cryptocurrency Taxes: Countries that Tax Crypto Traders

Digital currency trading is rapidly receiving significant attention from enthusiastic traders worldwide. Users regularly find unprecedented benefits that make cryptocurrency trading a practical investment strategy. A crypto trader dedicates their time to earn profits from alterations in the crypto market. Most work hard to learn trends within the markets to know the best time to buy or sell. Despite the risks underlying the art, some individuals take up crypto trading as a full-time job while others are part-time. The increased…

2020 Tax Season: Have You Reported and Filed Your Crypto Returns?

For the years that cryptocurrencies have been in existence, most investors have gotten away with not reporting and filing their taxes on their crypto assets. This move was aided significantly because cryptos were still in their infancy, and no one knew how long they would last.  But times have changed. Today, more people globally are showing an interest in cryptos. Crypto mass adoption is the primary goal for most stakeholders in the industry. However, to achieve this, it is essential…

Blockfolio and Token Tax Collaboration Aims at a Simple Tax Filing Process

The 2019 tax filing deadline is fast approaching in the U.S. Even for those who declare traditional income; the process is still long. Crypto holders in the United States and beyond face declarations of cryptocurrency assets issues without conflict arising with the IRS. As a result, both Blockfolio and Token Tax are making efforts to ensure the simplicity of United States residents' process.  Integration Goal TokenTax is a platform where crypto investors can analyze data from cryptocurrency transactions and generate…

Cryptocurrency Sector In the US May Fall- Says Kim Dotcom

The cryptocurrency industry is experiencing challenges from governments and regulators. A renowned internet entrepreneur, Kim Dotcom, recently forecasted a massive crackdown within the United States cryptocurrency industry. Dotcom warned that cryptocurrency might become illegal in the US. The regulatory agencies in the US are keeping a close leash on the cryptocurrency industry in the country. However, Bitcoin, to be specific, is facing the most scrutiny than praise in the country. Kim Dotcom is the founder of Megaupload and hugely supports…