What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration…
Court Authorizes Service of John Doe Summons Seeking the Identities of U.S. Taxpayers Who Have Used Virtual Currency A federal court in the Northern District of California entered an order today authorizing the Internal Revenue Service (IRS) to serve a John Doe summons on Coinbase Inc., seeking information about U.S. taxpayers who conducted transactions in…
Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns. What is Virtual Currency? Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store…
The popularity of cryptocurrencies and the widespread adoption of many crypto assets made 2021 a significant year for cryptocurrencies. This is clear from recent research by Grayscale Investments, which showed that more than half of Bitcoin investors just recently began investing in virtual currency. Investors saw several highs and lows throughout the 2021 cryptocurrency boom,…
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