earnings Archives -
Big profit reports from several banks Friday reminded markets that already healthy earnings for U.S. companies are climbing even higher, and the Standard & Poor’s 500 index rose to put itself on track to close out its best week in a month and a half.
Stocks around the world also climbed Friday,…
A new tax aimed at income earned by U.S. technology and pharmaceutical firms abroad is hitting unexpected places, including Kansas City Southern, a U.S. railroad company.
WSJ.com: US Business
The United States Internal Revenue Service (IRS) recently published a document reminding taxpayers that income derived from virtual currency transactions must be reported on income tax returns. The IRS states that taxpayers who fail to report virtual currency earning may be audited or made liable for “penalties and interest.”
IRS Reminds U.S Crypto Investors of Tax Obligations
With the U.S tax deadline of April 17 fast approaching, the United States Internal Revenue Service has sought to remind citizens profiting from virtual currency transactions of their looming tax obligations.
The IRS states that “Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country’s traditional currency.” The regulator notes that “Because transactions in virtual currencies can be difficult to trace and have an inherently pseudo-anonymous aspect, some taxpayers may be tempted to hide taxable income from the IRS.”
Undisclosed Crypto Income May Incur Penalties
The IRS states that “income from virtual currency is reportable on […] tax returns,” adding that “Virtual currency transactions are taxable by law just like transactions in any other property”. Should taxpayers fail to accurately report income earned in the form of virtual currency “can be audited for those transactions and, when appropriate, can be liable for penalties and interest”.
The IRS states that in “extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions.” Said criminal charges “could include tax evasion and filing a false tax return”. The IRS added that “Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $ 250,000,” and “Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $ 250,000.”
Due to its tax status as property, “virtual currency is subject to information reporting to the same extent as any other payment made in property” in the U.S.
Do you think that the U.S tax regime for cryptocurrencies is fair? Share your thoughts in the comments section below!
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Tech titan Tencent Holdings Ltd. indicated it was doubling down on investments in China’s mobile-first world to ensure it remains a central presence on the smartphones carried by nearly 800 million Chinese users.
WSJ.com: What’s News Asia
The new U.S. tax law could throw a monkey wrench into a method many analysts and investors use to gauge the strength of companies’ earnings.
WSJ.com: US Business
U.S. stocks closed sharply higher Thursday, snapping a two-day losing streak.
Investors cheered strong quarterly earnings from Wal-Mart Stores, Cisco Systems and other companies. Technology stocks accounted for much of the market’s gains, which helped lift the Nasdaq composite index to its first…
Shares of Amazon soared Thursday after the online retailer posted earnings that far surpassed Wall Street expectations.
The company is rapidly growing. It paid nearly $ 14 billion this summer for organic grocer Whole Foods, announced a series of new voice-activated Echo devices, and kicked off a…
Rising bond yields and a string of weak company reports and forecasts pushed stocks lower Wednesday as major indexes retreated from their recent record highs. Industrial and technology companies and banks fared the worst.
Companies including telecom giant AT&T, aerospace company Boeing, chipmaker…
Daimler reported a sharp fall in quarterly profit, as its flagship premium car brand Mercedes-Benz was hammered by airbag-related recalls and the cost of fixing emissions controls on diesel vehicles.
WSJ.com: US Business
U.S. stocks rose slightly Wednesday as Urban Outfitters and Target helped retailers rally. That was enough to overcome losses by energy companies and market turbulence stirred up by the controversy over President Trump’s manufacturing council.
Urban Outfitters and Target did better in the second…