Atlanta, GA, United States – July 29, 2019 – With some banks recognizing cryptocurrencies as valid forms of legal tender, the IRS and Congress are becoming increasingly more interested in investor reporting. CryptoTapas has been a long-time supporter of timely tax and FinCEN reporting and disclosures. To help investors navigate the many regulations governing currencies, CryptoTapas is offering free guides that are updated yearly to provide investors with current rules.
It can be extremely difficult to keep apprised of new cryptocurrency rules and regulations. CryptoTapas eliminates that time-consuming process. One of the most important developments is that cryptocurrency anonymity is no longer guaranteed. Congress issued a subpoena to Coinbase enabling it to collect taxpayer information for crypto taxation purposes. It’s a practice that’s expected to continue with more countries deciding to issue their own virtual currencies.
CryptoTapas also discovered that Binance and KuCoin accounts can be frozen if investors fail in their reporting obligations. It depends on where cryptocurrency was purchased and where it was kept that determines Crypto FinCEN disclosures. Failure to report will attract attention from the Financial Crimes Enforcement Network (FinCEN) and penalties can be stiff.
However, CryptoTapas also reported on leaked IRS training documents that clearly indicated that even though virtual currency has all the earmarks of traditional currency, it doesn’t have legal tender status in any jurisdiction. It’s just one of the many government contradictions surrounding cryptocurrency and the primary reason that investors must be cognizant of relevant regulations.
Crypto FinCEN rules are unveiled regularly that affect aspects ranging from taxation to money laundering. The IRS maintains that cryptocurrency is property and Bitcoin taxation is possible, making it essential to keep abreast of the requirements for Bitcoin FinCEN disclosures. Bitcoin FinCEN can also determine it’s subject to penalization when utilizing peer-to-peer trading platforms.
CryptoTapas is a leader in providing current and critical information that crypto currency investors need and its free guides are an important resource. CryptoTapas also provides individuals with blockchain reports and exclusive interviews that enable anyone to make informed decisions about their digital currency.
For more information, visit: https://www.cryptotapas.com/cryptotapas-exclusive-free-ebook-downloads/