Crypto News 

IRS Laughs Off Coinbase User’s ‘Surveillance Conspiracy’ in Tax Reporting Case

“Per a Nov. 15 filing, the U.S. tax agency told a California federal court that its investigation of Coinbase customer William Zietzke is completely legitimate” writes Joeri Cant for cointelegraph.com. In the filing, the agency wrote: “Rather than allow the IRS to summon the information it needs from Coinbase, Mr.Zietzke claimed that the IRS’s summons was too broad of a request, as it was not restricted to the 2016 tax year only.The IRS also laughed off Zietzke’s vague allegations, where he insinuated that the tax agency is developing a database,…

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The Senate is poised to join the House in probing whistleblower alleging interference in Trump IRS audit, reports say

“The House Ways and Means committee also did not immediately respond” writes Tom Porter for businessinsider.com. Separately, CNN reported that the House Ways and Means committee, which is also probing the complaint, will likely seek sworn testimony from the whistleblower as part of its probe.It first came to light in August, in a court filing by House Ways and Means chairman Rep. Source: businessinsider.com

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This former top Obama official says one silver bullet would raise $500 billion in personal-income tax

“Others argue IRS audit policies need a hard look because they already disproportionately go after low-income taxpayers” writes Andrew Keshner for marketwatch.com. The IRS could claw another $450 billion in that time by increasing its investment in computer analysis of tax returns and increasing certain reporting requirements, they said.It’s one of the problems that leads to uncollected taxes, which is projected to cost the government about $630 billion in 2020, according to research by Summers.Returning to 2011 audit rates would mean approximately 131,000 more audits on individual tax returns, said…

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Crypto News 

IRS Issues Tax Refunds to Crypto Hodlers Who Reported Accurately

“A like-kind exchange (also known as a 1031 exchange) is a transaction that occurs between two similar assets and does not incur capital gains tax” writes Rachel Mcintosh for financemagnates.com. The United States Internal Revenue Service (IRS), also known as the nation’s tax office, has issued refunds to a number of cryptocurrency users who declared their crypto holdings and paid the appropriate taxes on them.By some accounts, the recipients of the letters appear to be individuals whose Coinbase accounts were exposed following a lawsuit that the IRS filed against popular…

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Crypto News 

IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks

“United States Internal Revenue Service (IRS) Criminal Investigation Chief John Fort said that the regulator is looking into potential tax issues caused by Bitcoin (BTC) ATMs and kiosks” writes Adrian Zmudzinski for cointelegraph.com. In the U.S., a like-kind exchange — or a 1031 exchange — is an asset transaction that does not generate a tax liability from the sale of an asset when it was sold to acquire a replacement asset.Fort explained that cryptocurrency taxation issues are an emerging threat, adding that the cryptocurrency space has an inherent lack of…

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Crypto News 

IRS: Like-Kind Tax Exemption Has Never Applied to Crypto Transactions

“The like-kind exchange tax exemption is not applicable to cryptocurrency transactions, according to the United States Internal Revenue Service (IRS)” writes Helen Partz for cointelegraph.com. An official at the IRS Office said that U.S. taxpayers have never been authorized to postpone paying tax as part of the like-kind exchange principle even before the 2017 tax overhaul, Bloomberg Tax reports Nov. 13.The news comes after the IRS issued guidelines for tax reporting regarding cryptocurrency airdrops and hard forks on Oct. 9.According to the report, Sinno worked on recent IRS cryptocurrency guidance…

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Huge problem facing Warren wealth tax: Evaluating billionaires

“Warren also plans to raise an additional $1 trillion for her new “Medicare for all” plan by doubling her wealth tax on the ultrarich” reports washingtonexaminer.com. To be clear, calculating the net worth of the ultrarich for the purposes of the wealth tax is inherently complicated.Larry Summers, former president of Harvard University and economic adviser to President Barack Obama, has called Warren’s estimate of wealth tax revenues “naively high.” Sanders’ wealth tax plan would raise $4.35 trillion over 10 years, economic advisers to the campaign estimate, while Warren’s plan would…

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Trucking company owner who dodged $2.3M in federal taxes is going to prison

“A trucking company owner who evaded paying the federal government about $2.3 million in personal and corporate income taxes was sentenced to two years in state prison Tuesday, federal authorities said” writes Chris Sheldon for nj.com. A 2008 IRS audit showed Viteri owed about $785,000 in unpaid taxes for one of his companies, and owed approximately $315,000 in unpaid personal income taxes.Tito Viteri, 41, of Upper Freehold Township, previously pleaded guilty to one count of tax evasion, according to a statement from U.S. Attorney Craig Carpenito.He also “pyramided” companies and…

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Former N.J. State Police trooper gets 30 months in prison for tax fraud scheme

“Authorities said from tax years 2011 to 2016, the company prepared false individual income tax returns for various clients” writes Jatmonavage Njadvancemedia Com for nj.com. A former New Jersey State Police trooper was sentenced to 30 months in federal prison Friday for conspiring to defraud the IRS, falsifying his tax returns and witness tampering, the U.S. Attorney’s Office announced.During the latter part of his 28-year-career as a New Jersey State Police trooper, Davis and a co-conspirator, Kyna Felder-Ruiz, a former Plainfield firefighter, owned and operated Get Organized Tax & Accounting,…

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