Get a beginners guide from BeInCrypto Academy! As a result, it teamed up with several entities to try to smooth out the process.Â, One example is the collaboration between Coinbase and the IRS. The new deadline came as a breath of fresh air to cryptocurrency companies, concerned with the future rulings. Event: Aug 15 - Aug 19, 2021. Lost or forgotten your password? With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news. Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans! CoinTracker integrates with 300+ cryptocurrency exchanges, 3,000+ blockchains, and makes bitcoin tax calculations and portfolio tracking simple. 23 days 08h 02m 30s. Want to learn how to trade? Abra is a financial service and tech firm that operates an all-in-one, custodial crypto wallet and exchange.Â, The collaboration allows Abra customers to access crypto tax help easily via the ZenLedger platform. As a result, users can view trading history, understand their liabilities and quickly generate tax forms using their stored info.Â. Cost basis recalculations are taking longer than usual due to increased load. HONG KONG. Share Article. Notification date: 15 June 2021. Please enter your email ddress. cryptocurrency, and digital assets appeared on the form. The latest to do so is Norway, with the Norwegian Tax Administration (NTA) issuing a warning to crypto users ahead of the April 30 deadline for filing tax returns. On March 29, 2021, the Canadian Securities Administrators (“CSA”) and the Investment Industry Regulatory Organization of Canada (“IIROC”) jointly published Staff Notice 21-329 Guidance for Crypto-Asset Trading Platforms: Compliance with Regulatory Requirements (“Notice 21-329”).Notice 21-329 provides guidance on how securities legislation will be applied to crypto … Want to learn how to trade? James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production … ... 2021 deadline has passed, banks will be checking the regulator’s registers to ensure firms appear there. As the new rules stay in effect, users should check if their exchange is sharing this information.  If they do, it is likely the IRS already has this financial information and can choose to conduct an audit. However, this doesn’t mean that the exchanges are just letting the government look in on users. Aug 15, 2021 - Aug 19, 2021. The IRS believes that this additional time to file will help alleviate some of the hardships caused by the COVID-19 pandemic. These people could answer no to the cryptocurrency question. Â. Track your balances and transactions. Why Did Satoshi Nakamoto Choose 21M as Bitcoin’s Maximum Supply? Original contributions on all technical aspects of cryptology are solicited for submission to Crypto … While the tax filing for 2020 has passed, these new regulations are going to stick around. February 27 – March 3 // San Diego, CA, USA. However, US officials and exchanges worked together to help smooth over filing issues. Over the last year, it has been sending out warning letters to customers who might need help with their forms or help to remember to pay their taxes. The letters come in three variants, 6173, 6174, and 6174-A, and all address crypto holdings. Â, These letters also alerted users that the IRS knows about their virtual currency holdings and previously unreported accounts. In December of that year, the regulator extended its deadline to mid-2021—but crypto businesses are finding themselves stymied by frustrating processes, Taylor said. The IRS and US Treasury Department have extended the 2020 tax filing and payment deadline from April 15, 2021 to May 17, 2021 for individual filers (IRS IR-2021-59). These new questions raised uncertainty among crypto investors. What transactions require me to report gains/losses?  Are NFTs part of the equation?  Do I need special forms? Fears that Saturday Night Live guest host Elon Musk would use the platform to hype cryptocurrency Dogecoin proved largely unfounded. Crypto 2021 will take place virtually on August 15-19 2021. S-corporation returns (IRS Form 1120-S) are due March 15th, 2021, for corporations operating on a calendar year. ... Due to this timing, the Debtors will be unable to file the Supplemental Materials by the Supplemental Materials Filing Deadline. " Submission deadline ... Submission deadline: 1 May 2021. Note that taxpayers in Texas and some counties in Louisiana and Oklahoma impacted by the February winter storms have a previous extension until June 15 to file their taxes. Extending the Comment Time with Another 45 Days FinCEN recently announced an extension of the comments period, which was previously set to January 4th, 2021. Companies specializing in crypto tax have been working to make traders’ lives easier. Taxpayers were asked if they have received, sold, sent, exchanged, or earned any financial interest in virtual currency.Â, A box with a simple “yes” or “no” option was where they provided their answer.  However, a simple as this sounds, much like anything to do with federal tax forms, it’s not so cut and dry.Â. Specifically, if they received, sold, mined, or traded digital currencies in 2020.Â, IRS Notice 2014-21 states that cryptocurrencies, despite operating as a real currency, do not have any legal tender status in any jurisdiction. S-corporation returns (IRS Form 1120-S) are due March 15th, 2021, for corporations operating on a calendar year. While the new regulations are an added stress for traders, the IRS did make an effort to warn those who would be implicated. FinCen Sets New Deadline The Financial Crimes Enforcement Network (FinCEN), an office of the U.S. Department of Treasury, announced the news of the extension via a press release on Thursday (Jan. 14, 2021). Do you have a crypto company that you want featured on one of the subreddits on the list? Another partnership aimed at assuaging tax woes for crypto users is between ZenLedger and Abra.  ZenLedger is a crypto tax software and blockchain analytics company. We believe this is an important step for the enablement of widespread cryptocurrency adoption.”. This will also give the IRS time to navigate tax provisions introduced by the newly enacted American Rescue Plan Act of 2021. It does not include information with respect to illegal source income, which is taxable, and we do chase.”, He said it would not be “outlandish” for the actual tax gap to be approaching $1 trillion and that the top 1% of earners account for $175 billion of the tax gap. Â, The newest IRS guidelines state that cryptocurrency users must report their gains and losses.