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US IRS Comes After Clients of Another Crypto Exchange

US IRS Comes After Clients of Another Crypto Exchange

In a tax-related effort, the US Internal Revenue Service (IRS) is asking permission to look into the customers of cryptocurrency prime dealer SFOX Inc. and its partner, Bloomberg reported.

IRS: Coinbase Users Who Evade Taxes


Video #1: https://youtu.be/2r5yQ7h1fa4
Article: https://cointelegraph.com/news/u-s-law-firm-says-irs-is-coming-after-coinbase-users-who-evade-taxes

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⚠️ Crypto Tax Alert: IRS Going After US Citizens (Protect Yourself)


Kraken has been forced to hand over user information to the IRS. This is following past events where Coinbase, Circle, and Poloniex were forced to hand over customer information as well. The IRS also recently launched ‘Operation Hidden Treasure’ in order track those who have evaded crypto taxes.

Kraken Ordered To Give User Data – 0:00
Coinbase IRS Summons – 0:41
Consistency Is Key – 1:40
Crypto Roth IRA – 2:55
Amended Tax Returns – 4:06
Evade Tax? – 4:45
Operation Hidden Treasure – 5:15
Tax Deadline – 6:07
3 Calculation Methods – 6:34
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DISCLAIMER: This is NOT financial or legal advice. I am just offering my opinions. I am not responsible for any investment or legal decisions that you choose to make. This description may contain affiliate links for products that I believe in and use personally. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). Thank you for your support.

#kraken #crypto

Can the IRS Track Crypto Transactions? | CoinLedger


Is the IRS able to track your cryptocurrency transactions?

Although crypto is anonymous in nature, all activity on the blockchain is posted publicly. Find out from the CoinLedger team to what extent the IRS is able to track cryptocurrency transactions, and learn more about how the government is spending more resources to track and catch tax evasion.

✅ Get started with CoinLedger, the crypto tax platform trusted by more than 250,000+ crypto and NFT investors. Generate a free preview report today: https://bit.ly/3LtPfB4

�� Learn more about CoinLedger (formerly CryptoTrader.Tax): https://coinledger.io

�� Subscribe for more tax tips: https://www.youtube.com/channel/UCFSHCk0kap5Y8aWyAQau8YQ?sub_confirmation=1

�� Connect with us on social media:
David’s Twitter: https://twitter.com/david_kemmerer
CoinLedger Twitter: https://twitter.com/CoinLedger

✅ Recommended Videos:

Crypto Taxes 101: Step-By-Step Guide: https://www.youtube.com/watch?v=r4pN22laLTI

Timestamps:
0:00 Introduction
0:29 How the IRS tracks transactions
1:24 How the IRS is cracking down on tax fraud
2:02 How 1099-Bs impact investors like you
3:00 How to report your crypto taxes in minutes

#Cryptocurrency #CryptoTaxes #IRS #TrackCrypto

✅ Crypto Regulations YOU MUST KNOW! | ��TAXES & FBAR | Using KuCoin in the US | BIG PENALTIES [2022]


No one is telling you this, and you’re liable! Learn what regulations exist for cryptocurrency taxes on common foreign exchanges like KuCoin & what to look out for as the US government cracks down.
☕�� Support my family & the channel: https://www.buymeacoffee.com/brianlogen
Thank you for your support! ��

KuCoin is currently a foreign exchange packed with tons of great features and low fees. In my last video on setting up portfolio (https://youtu.be/27hWcnWptUQ) I got questions about using it in the US even though it isn’t licensed there. This video talks about all US regulations on Crypto that I found including the FBAR, Form 8938 and other important steps you may need to take to avoid massive penalties and potential jail time!

[Community]:
��Discord: https://bit.ly/discord-brianlogen
�� Blog: https://www.brianlogen.com/

[This Video]:

1️⃣ My Coffee:
https://amzn.to/3gyxMdn
2️⃣ KuCoin Exchange:
https://www.kucoin.com/r/rBA28S9
3️⃣ Cointracker.io:
https://www.cointracker.io/i/QuHS1GJUTJaF
4️⃣ Cryptotrader.Tax:
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[ What I Trust ]:

⭐ BEST US EXCHANGE [Kaken ��]:
https://r.kraken.com/brian_logen
�� BEST CRYPTO CHARTS [ Tradingview ]:
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[Timestamps]:

00:00 Crypto Portfolio Strategy
01:48 Disclaimer
02:21 �� Key Definitions
03:38 ⭐ FBAR
07:12 �� IRS Form 8938
08:23 �� FBAR vs 8938
09:20 �� FBAR form
10:00 �� KuCoin Thoughts

[References]:

Addresses:
https://www.cointracker.io/blog/foreign-filing-requirements-for-cryptocurrency-investors
FinCEN Jan 2021 Update:
https://www.fincen.gov/sites/default/files/shared/Notice-Virtual%20Currency%20Reporting%20on%20the%20FBAR%20123020.pdf
IRS FBAR:
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
IRS Compare FBAR vs Form 8938:
https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

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⚖ DISCLAIMER: This is not financial advice and I am not a certified financial advisor, tax professional or lawyer, nor do I specialize in economics. I am not affiliated or associated with any mentioned companies including Coinbase, Coinbase pro, BlockFi, Kraken, Kraken Pro, Gemini, TradingView, Fidelity, KuCoin, etc. These are my own opinions, and as such, this should NOT BE treated as explicit financial, trading or otherwise investment advice. You are solely responsible for all risks associated with trading and staking crypto. I always recommend you do your own research before making any type of investment. Thanks!