Why IRS is hitting hard on cryptocurrency traders?

Cryptocurrency traders in the United States of America (USA) are under the Federal agency Internal Revenue Services’ (IRS) gun lately. IRS has been …

Cryptocurrency traders in the United States of America (USA) are under the Federal agency Internal Revenue Services’ (IRS) gun lately.

IRS has been issuing warning letters and action letters to suspected digital currency holders and traders. These traders and holders of cryptocurrency might have probably misreported their digital assets on the tax returns.

Throughout the country, letters such as the 6173, 6174-A and the CP2000 have been received by many of these cryptocurrency traders. Moreover, the software companies that deal with crypto tax have been dealing with an increasing number of frantic customers who are seeking help to avoid penalties.

Why the IRS is coming hard on cryptocurrency traders?

This whole episode of chaos is owed to the reports that IRS does not have adequate information, not only that but the information it does have is misleading.

The Federal agency is getting all such information from an exchange Coinbase and relying on this information the agency is coming after a huge number of crypto traders, up till now ten thousand (10,000) warning letters and action letters have been issued.

In several countries, including the USA, cryptocurrencies are recognized as property rather than currency. So, like other property such as real estate, bonds and stocks, as one incur the capital losses and capital gains one has to report one’s tax returns upon buying, selling, trading and even disposing of one’s cryptocurrency.

All this is quite understandable, but as the crypto enthusiasts haven’t been paying their taxes on the cryptocurrency activity, the agency’s move is justified. However, the information is utilized by the IRS is misleading and is thus leading to various problems.

It is worth noting that crypto exchanges are not able to provide tax reports like the stock brokerage. Owing to this very fact that the digital and cryptocurrency users are transferring cryptocurrencies in and out of their exchanges.

Hence the exchange cannot possibly know-how, from where, when or the cost the cryptocurrency has been acquired. The only thing they can see is that they are appearing on one’s wallet on their platform.

Lastly, the information received by IRS from these crypto exchanges does not reflect the right state of the capital losses and gains, and this is causing so many problems for millions of users as this is what decides the amount to be paid for taxes and not on the gross transaction amounts. So, it is advised to consult a tax professional for further clarification and help.

Advertisements

Related Posts:

  • No Related Posts

Brazilian Cryptocurrency Exchange NovaDAX Integrates Dash In Its Network

Brazil’s reputed cryptocurrency exchange, NovaDAX has announced its integration with popular digital currency, Dash. As a part of the collaboration, …

Brazil’s reputed cryptocurrency exchange, NovaDAX has announced its integration with popular digital currency, Dash. As a part of the collaboration, the exchange will facilitate Dash trading, including fiat trading pairs. It will also run a promotional competition where the users will get a golden opportunity to earn Dash coins free of cost.

Exchange @Nova_DAX adds @Dashpay pairs in Brazil 🇧🇷 expanding #Dash usability. they also created a contest among traders where they can win up to 2 #Dash – Welcome to Dash Nation. pic.twitter.com/XWtaI9NaLg

— Dash Brasil 🇧🇷 (@DashDinheiro) September 11, 2019

Founded in 2018, NovaDAX deals in fiat currency trading pairs, but with the addition of Dash to its network, the crypto exchange will now be able to facilitate cryptocurrency trading pairs with the native Brazilian currency.

A user enjoys a variable fee structure on NovaDAX exchange while indulging in the buying and selling of cryptocurrencies. The charges rely on the membership status, called Novawards. The range goes from 0.07% as the least expensive to 0.03% as the most expensive range. The maker and taker charges for crypto-to-crypto transactions fall in the range of 0.07% to 0.5%.

The exchange also boasts of a minimum deposit amount of 0.001 Dash without any maximum limit and the minimum withdraw amount of 0.02 Dash with a maximum limit of 60 Dash/day at the second verification stage. However, at the first verification level there is 0 Dash/day maximum limit.

A 0.001 Dash fee is charged by NovaDAX for withdrawal activities. For fiat, the limit for withdrawals in Real are set to a minimum figure of $100 to its maximum going from $500, $20,000, and custom per day at the first, second, and third verification stages respectively.

NovaDAX and Dash collaboration also revealed about the competition which allows customers to win free Dash currency by trading the maximum Dash amount from the period between September 9, 2019, to September 20, 2019.

The person who has the highest trading Dash amount will win 1 Dash while the users at 2nd to 10th spot will have to distribute the remaining 1 Dash amongst themselves. The users will be able to trade varied trading pairs of Dash with- Brazilian Real, Bitcoin, and Tether. NovaDAX also allows crypto enthusiasts to get complete education of trading and cryptocurrency basics through its library.

Dash Continues To Expand Globally:

Dash has been proliferating into the crypto market through an array of integrations with exchanges and business adoptions. In 2019, popular exchanges namely 3xbit, Coinbene, XDEX have listed Dash in their platform, making the digital currency emerging as strong contender for its competitors.

Services like Kamoney Bill Pay, Electro Pay, have also integrated Dash in their network for lubricating payments and trading mechanisms. Venezuela and Colombia have shown a lot of trust in Dash by integrating as an alternate medium of exchange.

Recently, Coinbase Pro announced its plans of integrating with Dash network. This will foster Dash liquidity in all Coinbase Pro’s regions except for New York State and the U.K. An ATM and point-of-sale service provider firm, IQ CashNow included Dash to its network exposing to over 1000 merchants and 250 ATMs.

Related Posts:

  • No Related Posts

Project Pai Hits One Day Volume of $705334.00 (PAI)

One Project Pai coin can now be purchased for about $0.0220 or 0.00000212 BTC on exchanges including HBUS, Bitfinex, OOOBTC and Huobi.

Project Pai (CURRENCY:PAI) traded 6.4% higher against the US dollar during the 24 hour period ending at 10:00 AM Eastern on September 14th. Project Pai has a market capitalization of $31.96 million and approximately $705,334.00 worth of Project Pai was traded on exchanges in the last day. One Project Pai coin can now be purchased for about $0.0220 or 0.00000212 BTC on exchanges including HBUS, Bitfinex, OOOBTC and Huobi. During the last week, Project Pai has traded up 1.6% against the US dollar.

Here is how related cryptocurrencies have performed during the last day:

  • Huobi Token (HT) traded up 0.2% against the dollar and now trades at $4.08 or 0.00039376 BTC.
  • Maker (MKR) traded up 2% against the dollar and now trades at $464.62 or 0.04486603 BTC.
  • Crypto.com Coin (CRO) traded 0.4% higher against the dollar and now trades at $0.0396 or 0.00000382 BTC.
  • IOStoken (IOST) traded down 0.3% against the dollar and now trades at $0.0396 or 0.00000526 BTC.
  • Karatgold Coin (KBC) traded down 5.9% against the dollar and now trades at $0.0363 or 0.00000351 BTC.
  • Clipper Coin (CCCX) traded 2.3% higher against the dollar and now trades at $0.0311 or 0.00000300 BTC.
  • THETA (THETA) traded 3.2% higher against the dollar and now trades at $0.12 or 0.00001133 BTC.
  • Pundi X (NPXS) traded down 2.2% against the dollar and now trades at $0.0004 or 0.00000003 BTC.
  • IOST (IOST) traded up 0.5% against the dollar and now trades at $0.0068 or 0.00000066 BTC.
  • Aurora (AOA) traded down 15.1% against the dollar and now trades at $0.0101 or 0.00000098 BTC.

Project Pai Profile

Project Pai (PAI) is a coin. Its launch date was May 24th, 2018. Project Pai’s total supply is 1,621,177,500 coins and its circulating supply is 1,453,379,293 coins. Project Pai’s official Twitter account is @projectpai. The official website for Project Pai is projectpai.com. Project Pai’s official message board is medium.com/project-pai. The Reddit community for Project Pai is /r/ProjectPai and the currency’s Github account can be viewed here.

Buying and Selling Project Pai

Project Pai can be bought or sold on the following cryptocurrency exchanges: Huobi, Bitfinex, HBUS, BitForex, LBank and OOOBTC. It is usually not currently possible to buy alternative cryptocurrencies such as Project Pai directly using U.S. dollars. Investors seeking to acquire Project Pai should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as GDAX, Gemini or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Project Pai using one of the aforementioned exchanges.

Receive News & Updates for Project Pai Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Project Pai and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

SIBCoin (SIB) Price Hits $0.0496 on Major Exchanges

SIBCoin (SIB) Price Hits $0.0496 on Major Exchanges … Ethereum Classic (ETC) traded 0.5% higher against the dollar and now trades at $6.21 or …

SIBCoin logoSIBCoin (CURRENCY:SIB) traded down 12.5% against the dollar during the 24-hour period ending at 10:00 AM Eastern on September 14th. Over the last seven days, SIBCoin has traded 4.9% higher against the dollar. SIBCoin has a market capitalization of $885,042.00 and approximately $143,270.00 worth of SIBCoin was traded on exchanges in the last 24 hours. One SIBCoin coin can now be bought for approximately $0.0496 or 0.00000479 BTC on popular exchanges including C-CEX, BTC-Alpha, Bittrex and YoBit.

Here is how similar cryptocurrencies have performed over the last 24 hours:

  • Bitcoin (BTC) traded 0.4% higher against the dollar and now trades at $10,361.62 or 1.00000000 BTC.
  • Ethereum (ETH) traded up 2.8% against the dollar and now trades at $184.23 or 0.01779028 BTC.
  • Bitcoin Cash (BCH) traded 2% higher against the dollar and now trades at $303.29 or 0.02928674 BTC.
  • Litecoin (LTC) traded 1.5% higher against the dollar and now trades at $69.89 or 0.00674926 BTC.
  • Monero (XMR) traded 2% higher against the dollar and now trades at $75.02 or 0.00724377 BTC.
  • UNUS SED LEO (LEO) traded 0.5% lower against the dollar and now trades at $1.05 or 0.00010182 BTC.
  • Ethereum Classic (ETC) traded 0.5% higher against the dollar and now trades at $6.21 or 0.00059975 BTC.
  • Zcash (ZEC) traded up 2.4% against the dollar and now trades at $45.43 or 0.00438660 BTC.
  • Dogecoin (DOGE) traded up 0.7% against the dollar and now trades at $0.0024 or 0.00000023 BTC.
  • HedgeTrade (HEDG) traded up 0.3% against the dollar and now trades at $0.93 or 0.00008983 BTC.

SIBCoin Profile

SIB is a proof-of-work (PoW) coin that uses the X11GOST hashing algorithm. It launched on May 9th, 2015. SIBCoin’s total supply is 17,845,727 coins. SIBCoin’s official Twitter account is @SibChervonec and its Facebook page is accessible here. The official website for SIBCoin is sibcoin.money.

Buying and Selling SIBCoin

SIBCoin can be traded on the following cryptocurrency exchanges: Upbit, C-CEX, Bittrex, YoBit, Livecoin, BTC-Alpha and Cryptopia. It is usually not currently possible to purchase alternative cryptocurrencies such as SIBCoin directly using U.S. dollars. Investors seeking to acquire SIBCoin should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Changelly, Gemini or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase SIBCoin using one of the aforementioned exchanges.

Receive News & Updates for SIBCoin Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for SIBCoin and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

ION (ION) Price Tops $0.0449 on Exchanges

One ION coin can currently be purchased for approximately $0.0449 or 0.00000434 BTC on popular exchanges including Trade By Trade, Bittrex and …

ION logoION (CURRENCY:ION) traded up 8% against the dollar during the 24 hour period ending at 10:00 AM ET on September 14th. ION has a total market capitalization of $679,550.00 and $8,023.00 worth of ION was traded on exchanges in the last 24 hours. Over the last week, ION has traded 3.9% higher against the dollar. One ION coin can currently be purchased for approximately $0.0449 or 0.00000434 BTC on popular exchanges including Trade By Trade, Bittrex and Upbit.

Here is how similar cryptocurrencies have performed over the last 24 hours:

  • Ontology (ONT) traded 0.7% higher against the dollar and now trades at $0.75 or 0.00007289 BTC.
  • OmiseGO (OMG) traded 1.4% higher against the dollar and now trades at $1.05 or 0.00010138 BTC.
  • Ardor (ARDR) traded up 0.8% against the dollar and now trades at $0.0564 or 0.00000545 BTC.
  • Wanchain (WAN) traded 4.7% lower against the dollar and now trades at $0.26 or 0.00002516 BTC.
  • Theta Fuel (TFUEL) traded 1% higher against the dollar and now trades at $0.0043 or 0.00000042 BTC.
  • Apollo Currency (APL) traded up 0.2% against the dollar and now trades at $0.0009 or 0.00000008 BTC.
  • Mithril (MITH) traded 1.5% higher against the dollar and now trades at $0.0180 or 0.00000174 BTC.
  • Raiden Network Token (RDN) traded 0.5% higher against the dollar and now trades at $0.16 or 0.00001533 BTC.
  • Force Protocol (FOR) traded up 3.4% against the dollar and now trades at $0.0309 or 0.00000298 BTC.
  • ContentBox (BOX) traded 3% lower against the dollar and now trades at $0.0068 or 0.00000066 BTC.

About ION

ION (ION) uses the hashing algorithm. Its genesis date was May 16th, 2015. ION’s total supply is 21,022,794 coins and its circulating supply is 15,122,794 coins. ION’s official website is ionomy.com. The official message board for ION is ion.community. ION’s official Twitter account is @ionomics and its Facebook page is accessible here.

Buying and Selling ION

ION can be bought or sold on these cryptocurrency exchanges: Upbit, Bittrex and Trade By Trade. It is usually not possible to buy alternative cryptocurrencies such as ION directly using U.S. dollars. Investors seeking to acquire ION should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy ION using one of the aforementioned exchanges.

Receive News & Updates for ION Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for ION and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts