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Posts tagged "IRS"

Tax bill used to taunt famous fighter

The Internal Revenue Service (IRS) does not hold back punches. The federal agency is currently attempting to gather late tax payments from one of the world's best fighters. Floyd Mayweather Jr. reportedly owes the federal agency $7.2 million in taxes from 2010 as well as $22.2 million from 2015.

Do bitcoin users need to file an FBAR?

Bitcoins are one example of a new form of currency referred to as cryptocurrency, digital currency or virtual currency. It is a type of currency purchased and exchanged online. Users may wonder whether or not their actions with these types of digital assets are in compliance with United States tax laws. Unfortunately, the Internal Revenue Service (IRS) has yet to provide any definitive guidelines. The federal agency was recently chastised by Congress for a lack of clarity and called to put together "additional guidance on the tax consequences and basic tax reporting requirements" for those who use cryptocurrency.

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