2020-11-25 18:55 |
Cash App will make the DIY tax-prep software available for free to its 30 million monthly users.
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As the U.S. crypto exchange called the recent IRS proposal for taxing crypto “incomprehensible,” the tax agency flagged that the industry isn’t paying its fair share.
The details of the withdrawal will reportedly be part of upcoming court filings, and it's possible the founder and former CEO of the crypto platform could be forced to pay it back.
Uncertainty is leading many to take short-term profit, according to the "Coinbase Premium" indicator.
Instead of the troublesome 1099-K form, Coinbase will send the 1099-MISC to users of its interest-bearing products. Regular traders may not receive any forms at all.
Though the IRS has yet to publish its promised crypto tax guidance, the warning letters recently sent to 10,000 traders hint at what to expect.
With the U.S. deadline to file taxes days away, 21 lawmakers have again urged the IRS to provide clarity on crypto.