{"id":242586,"date":"2019-11-18T02:51:56","date_gmt":"2019-11-18T07:51:56","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=242586"},"modified":"2019-11-18T03:21:38","modified_gmt":"2019-11-18T08:21:38","slug":"irs-set-to-reel-bitcoin-atms-into-tax-policies","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/irs-set-to-reel-bitcoin-atms-into-tax-policies","title":{"rendered":"IRS Set to Reel Bitcoin ATMs into Tax Policies\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Investigators from the United States Internal Revenue Service (IRS) have begun to open inquiries to the operation of Bitcoin ATMs and kiosks, as suspicions of the illicit use of these services have drawn their eyes. <\/span><span data-preserver-spaces=\"true\">On November 15, news medium Bloomberg Law\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/news.bloomberglaw.com\/corporate-law\/irs-turns-critical-eye-toward-crytpo-atms-kiosks\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">reported<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that John Fort, the Head of the IRS\u2019 criminal investigation division, confirmed the reports, adding that they are interested in finding out how these services could be connected to illegal transactions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn other words, if you can walk in, put cash in and get Bitcoin out, obviously we\u2019re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks,\u201d the investigation boss reportedly added.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Data from Coin ATM Radar shows that there are currently\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/coinatmradar.com\/country\/226\/bitcoin-atm-united-states\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">4,129 Bitcoin ATMs<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in the United States, while Bloomberg Law further clarifies that there is currently at least one of these devices in every major city. As Fort puts it, these devices are becoming a part of the U.S. financial system, and it is important that they conform to the country\u2019s Know Your Customer security standards an Anti-Money Laundering regulations as well.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I&#39;m really glad the IRS is investigating compliance issues for Bitcoin ATMs because that&#39;s definitely a critical regulatory priority for an agency with limited manpower that barely understands forks.<\/p>\n<p>&mdash; Zack Voell (@zackvoell) <a href=\"https:\/\/twitter.com\/zackvoell\/status\/1195748151061368832?ref_src=twsrc%5Etfw\">November 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span data-preserver-spaces=\"true\">More policy work to be done\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The investigations into ATMs and kiosks is the latest in the attempts of the IRS to regulate cryptocurrencies and bring them under existing tax frameworks. On October 9, the tax authority published\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.irs.gov\/newsroom\/virtual-currency-irs-issues-additional-guidance-on-tax-treatment-and-reminds-taxpayers-of-reporting-obligations\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">Revenue Ruling 2019-24<\/span><\/a><span data-preserver-spaces=\"true\">, taxation guidance, which addresses how taxes on crypto transactions are to be remitted.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, while this was a step forward, it was quickly pointed out that the document had several loopholes. Of particular interest was the fact that the IRS seemed not to understand the concept of airdrops and hard forks. The guidance inferred that some hard forks could include airdrops, when the two events are actually mutually exclusive. The distinctions generally don\u2019t matter from a policy standpoint, but a lack of understanding from the tax watchdog seemed rather troubling nonetheless.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I&#39;m really glad the IRS is investigating compliance issues for Bitcoin ATMs because that&#39;s definitely a critical regulatory priority for an agency with limited manpower that barely understands forks.<\/p>\n<p>&mdash; Zack Voell (@zackvoell) <a href=\"https:\/\/twitter.com\/zackvoell\/status\/1195748151061368832?ref_src=twsrc%5Etfw\">November 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Then, there was a depressing idea that the IRS wouldn\u2019t be creating taxation clarty below a certain threshold. Essentially, this means that certain retail purchases wouldn\u2019t be put under tax cover, a notable difference from\u00a0<\/span><span data-preserver-spaces=\"true\">Notice 2014-21<\/span><span data-preserver-spaces=\"true\">, where the purchases of goods and services were deemed taxable.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Regulations could be coming\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Regardless, it is admirable that the agency is turning its attention to ATMs as well. There have been several reports about these devices being used for illicit transactions, especially as money laundering tools by criminals on the Dark Web, who get paid in crypto.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It could also prove to be a precursor to the proper regulation of these devices, a feat which several states have been able to achieve already. On August 28, the Financial Institutions Division of the Department of Business and Industry (NFID), the state financial regulator of Nevada,\u00a0<\/span><span data-preserver-spaces=\"true\">announced<\/span><span data-preserver-spaces=\"true\">\u00a0that it would be regulating Bitcoin ATMs and kiosks.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOver time, the NFID has monitored the growth and expansion of the blockchain, Bitcoin, and virtual currency industries,\u201d the statement reads, adding that anyone who wants to issue ATMs or kiosks will need to contact the regulator for a license.\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Investigators from the United States Internal Revenue Service (IRS) have begun to open inquiries to the operation of Bitcoin ATMs and kiosks, as suspicions of <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/irs-set-to-reel-bitcoin-atms-into-tax-policies\" title=\"IRS Set to Reel Bitcoin ATMs into Tax Policies\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":242604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[587,734,8572,5616,9843,8735],"class_list":["post-242586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-atms","tag-bitcoin","tag-irs","tag-nevada","tag-nfid","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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