Daily Archives: 26/10/2020

US IRS Updated Recommendations for Reporting Cryptocurrency Transactions

The Internal Revenue Service (IRS) has made changes to the taxpayer reporting form. Coins received during hard forks are taxed, and transfers between wallets do not need to be disclosed. In the latest version of the Personal Income Tax Form 1040, the IRS has clarified which cryptoassets and transactions need to be disclosed. According to the new principles, if a user only owned a cryptocurrency, but did not trade it during 2020, then he can…

US Federal Reserve and FinCEN proposed to tighten tracking of cryptocurrency transactions

The Federal Reserve and the Financial Crimes Enforcement Network (FinCEN) have proposed lowering the threshold for registering remittances outside the United States, including for cryptocurrency transactions. According to the document, the US Federal Reserve and FinCEN are proposing to change the thresholds at which banks must collect and store information about remittances. Regulators are proposing to decrease this value from $ 3,000 to $ 250 for any transfers outside the United States. The proposal will…